The African Democratic Congress, ADC, has criticised President Bola Ahmed Tinubu’s economic policies, accusing his administration of creating a harsh environment for businesses in Nigeria. The opposition party made the allegation on Thursday while reacting to the reported exit of ride-hailing company Uber from the Nigerian market after about 12 years of operation.
The party said Uber’s reported departure was part of a wider pattern of multinational companies either leaving Nigeria, shutting down some operations or reducing their presence because of rising business costs and other economic difficulties.
In a statement issued by its National Publicity Secretary, Bolaji Abdullahi, the ADC questioned the Federal Government’s claims that the economy was improving. The party argued that reported growth in the nation’s Gross Domestic Product had not brought enough relief to ordinary Nigerians or businesses.
The ADC also questioned the benefit of the reported 0.2 percentage-point increase in GDP growth, saying economic growth should be measured by how it affects people’s daily lives. According to the party, many Nigerians are still dealing with high food prices, expensive transportation, reduced purchasing power and limited employment opportunities.
The opposition party further claimed that Nigeria’s poverty rate had climbed to about 63 per cent, affecting an estimated 140 million people. It said workers were struggling with falling purchasing power while companies were facing higher costs of running their businesses.
The ADC linked Uber’s reported decision to leave Nigeria to the difficult operating conditions in the country. It pointed to rising energy and transportation expenses as some of the challenges businesses now face.
The party also blamed the removal of the petrol subsidy and the depreciation of the naira for the sharp increase in fuel prices. It claimed that petrol costs had risen by as much as 1,700 per cent since the changes were introduced.
The ADC referred to data from the Manufacturers Association of Nigeria, claiming that 767 manufacturing companies, including 20 major international brands, had either closed down or stopped operating in the country. It added that hundreds of other businesses were facing serious financial difficulties.
Among the companies mentioned by the party were Microsoft, Jumia, Bolt Food, Pick n Pay, Shoprite, GlaxoSmithKline, Sanofi-Aventis, Bayer AG, Procter & Gamble, Unilever and PZ Cussons.
The opposition party particularly pointed to GlaxoSmithKline, noting that the pharmaceutical company ended its manufacturing activities in Nigeria after operating in the country for about five decades.
According to the ADC, continued business closures could lead to more job losses, higher poverty levels and further pressure on household incomes. The party warned that when companies reduce their activities or leave the country, the effects are likely to spread to workers, suppliers, consumers and other businesses connected to them.
The ADC said the government should look beyond GDP figures when assessing the state of the economy. It argued that issues such as household income, food affordability, transport costs, employment and the ability of businesses to remain profitable should also be considered.
The party therefore challenged the Tinubu administration to show how its economic policies had improved the living conditions of Nigerians. It maintained that stronger economic growth would have little meaning for citizens if businesses continued to struggle and families found it increasingly difficult to meet their basic needs.
The ADC’s criticism comes as economic conditions and the impact of the government’s reforms remain major issues in Nigeria’s political debate ahead of the 2027 general elections.