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The African Democratic Congress (ADC) has described the exit, closure or scaling down of operations by several international companies in Nigeria as evidence that President Bola Tinubu’s economic policies are creating an increasingly difficult environment for businesses.
In a statement issued on Thursday by its National Publicity Secretary, Bolaji Abdullahi, the party cited the reported exit of global ride-hailing company Uber, alongside the closure or reduction of operations by other multinational companies.
The ADC argued that the developments exposed what it described as a growing disconnect between the Nigerian Government’s claims of economic progress and the conditions faced by businesses and households.
It said it was difficult to reconcile the government’s celebration of what it described as a 0.2 percentage-point improvement in gross domestic product growth with business closures, job losses and worsening poverty.
“Certainly, a 0.2% growth does not justify the extreme hardship that Nigerians are suffering,” the party said.
The ADC noted that poverty had risen to 63 percent, affecting an estimated 140 million Nigerians, and challenged the government to demonstrate how the reported economic gains had improved living conditions.
“When the President and his party say things are getting better, we expect them to tell us what has improved in the lives of Nigerians,” the party said.
“They should tell us how much food their ‘GDP growth’ has put on the tables. They should tell us which bill it has paid. If 0.2% is a mark of success in their books, President Tinubu and APC should tell us what they consider as failure.”
The party linked the difficult operating environment to rising energy and transportation costs, arguing that businesses had faced mounting pressure since the removal of the petrol subsidy and the devaluation of the naira.
It said Uber’s exit from Nigeria after 12 years reflected what it described as an increasingly hostile environment for businesses.
“This is precisely why the ADC Presidential Candidate, Alhaji Atiku Abubakar, has proposed the restoration of a targeted fuel subsidy to bring down the cost of fuel, transportation and production,” the party said.
The ADC also cited an earlier report by the Manufacturers Association of Nigeria, claiming that 767 manufacturing companies, including 20 major international brands, had shut down or ceased operations in Nigeria, while hundreds of others were facing financial difficulties.
“Therefore, when the President announces that Nigeria has turned the corner, we wonder which corner he is talking about,” the ADC said.
“If indeed the economy is improving, or the slightest hope exists in the minds of those who run these businesses that this APC government can improve the economy, why are they closing shop and moving elsewhere?”
The party cited GlaxoSmithKline’s decision to shut down manufacturing operations in Nigeria after decades in the country as an example of the challenges confronting multinational businesses.
“The painful truth is that Tinubu has turned Nigeria into a graveyard of businesses,” the ADC said.
“Every business that shuts down or pulls out is a vote of no confidence in the Tinubu administration and its capacity to manage the economy.”
The ADC said each business exit represented both an economic setback and a potential loss of jobs, adding that worsening poverty and rising living costs were undermining claims that the economy was improving.
The party reiterated its support for Atiku Abubakar’s proposal to subsidise fuel production costs, arguing that cheaper fuel would reduce transportation and production expenses, lower the cost of living and improve profitability for businesses.
The statement concluded that the proposed policy would help create jobs across sectors and provide relief to households and businesses struggling with rising operating costs.
3 September 2026
PRESS STATEMENT
FOR IMMEDIATE RELEASEUBER EXIT: TINUBU’S NIGERIA NOW GRAVEYARD OF BUSINESSES, SAYS ADC
– Says exits indicate vote of no-confidence on Tinubu’s economic policies.The African Democratic Congress (ADC) has described the exit of global… pic.twitter.com/EWlIlcAcCl
— African Democratic Congress (@ADCNig) September 3, 2026
