Tinubu turning Nigeria into ‘graveyard of businesses’ – ADC

The African Democratic Congress (ADC) has harshly criticized President Bola Ahmed Tinubu's economic policies, alleging that Nigeria has transformed into "a graveyard of businesses." The opposition party pointed to Uber's reported exit from the country, alongside the shutdown or reduction in operations of numerous multinational corporations, as clear evidence of the deteriorating business environment in Nigeria.

ADC National Publicity Secretary Bolaji Abdullahi highlighted the discrepancy between the Federal Government's reported economic recovery claims and the harsh realities faced by businesses and Nigerians. The ADC questioned the celebration of a mere 0.2 percentage-point increase in GDP growth, arguing that it had not led to any improvement in the living conditions for the average Nigerian.

The party emphasized that Nigeria's poverty rate had surged to 63 per cent, impacting an estimated 140 million people, while workers continued to grapple with declining purchasing power and businesses struggled with escalating operating costs. The ADC directly attributed Uber's reported departure, after a 12-year presence in Nigeria, to the increasingly challenging business environment, particularly the soaring energy and transportation costs.

The party blamed the removal of fuel subsidies and the devaluation of the naira for a staggering rise in fuel prices, surging by up to 1,700 per cent. Additionally, the ADC cited a Manufacturers Association of Nigeria report, stating that 767 manufacturing companies, including 20 major global brands, had closed down or ceased operations in Nigeria, while hundreds more were reportedly distressed.

Notable companies that shut down or reduced operations included Microsoft, Jumia, Bolt Food, Pick n Pay, Shoprite, GlaxoSmithKline, Sanofi-Aventis, Bayer AG, Procter & Gamble, Unilever, and PZ Cussons. The ADC specifically cited GlaxoSmithKline, noting that the company ended its manufacturing operations in Nigeria after five decades.

The opposition party argued that every business closure serves as a "vote of no confidence" in Tinubu's administration and its ability to manage the economy. The ADC warned that these business closures would exacerbate unemployment and poverty, further diminishing Nigerians' purchasing power. They emphasized that economic growth figures alone should not be used to assess the effectiveness of government policies without taking into account their impact on household incomes, food affordability, transportation costs, and employment.