Uber Exit: Nigeria now ‘graveyard of businesses’ — ADC

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By Luminous Jannamike

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ABUJA — The African Democratic Congress, ADC, has described Uber’s exit from Nigeria as fresh evidence that the country is becoming a ‘graveyard of businesses’.

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The party said the departure of the global ride-hailing company after 12 years was at odds with the Federal Government’s claim of economic progress, as businesses contend with rising operating costs while workers and households struggle with declining purchasing power.

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In a statement by its National Publicity Secretary, Mallam Bolaji Abdullahi, on Thursday, the ADC also questioned the government’s celebration of a 0.2 percentage-point improvement in GDP, saying the figure had yet to translate into meaningful relief for Nigerians.

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“Certainly, a 0.2% growth does not justify the extreme hardship that Nigerians are suffering,” the party said.

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According to the ADC, Uber’s departure reflects the increasingly hostile business environment, particularly soaring fuel, energy and transportation costs following the removal of fuel subsidy and devaluation of the naira.

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“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,” it said.

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The party also cited a Manufacturers Association of Nigeria report which it said showed that 767 manufacturing companies, including 20 global brands, had shut down or ceased operations, with hundreds more distressed. It mentioned GSK, Microsoft, Jumia, Shoprite, Unilever and PZ Cussons among companies that had exited or scaled down operations.

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Challenging the government’s claim that the economy had ‘turned the corner’, the ADC asked: “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?

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“The painful truth is that Tinubu has turned Nigeria into a graveyard of businesses. 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,” it added.

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The ADC said the consequences went beyond corporate closures, warning that each exit meant lost jobs and greater poverty, while reiterating that its proposed fuel-production subsidy would reduce living costs, improve business profitability and create jobs.

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