Uber Exit: Tinubu Has Turned Nigeria into Graveyard of Businesses, Says ADC
• Lists several firms that closed or scaled down operations in the country •Atiku says IPMAN has put president’s subsidy argument to shame Chuks Okocha in Abuja The African Democratic
The APC-led federal government in Nigeria has come under fire from the African Democratic Congress (ADC) for the exit of ride-hailing company Uber from the country and the closure or scaling down of operations by several multinational firms. ADC spokesman Bolaji Abdullahi stated that the trend of businesses shutting down or reducing operations in Nigeria signaled a "graveyard of businesses," casting doubt on Bola Tinubu's administration's ability to manage the economy.
The ADC highlighted that the exit of Uber and the scaling down of major companies' operations exposed the growing disparity between the government's claim of economic progress and the hardships faced by businesses and ordinary Nigerians. Nigeria's poverty rate has risen to 63%, affecting an estimated 140 million people. ADC challenged the government to explain the improvement in the GDP growth to those who are suffering from poverty, reduced salaries, and rising energy costs.
The ADC cited the Manufacturers Association of Nigeria's report, which revealed that 767 manufacturing companies, including 20 global brands, had shut down or ceased operations in Nigeria, while hundreds more were struggling. ADC also noted the exit of multinational companies like Microsoft, Jumia, and Bolt Food, Pick n Pay, and others from Nigeria.
Tinubu's administration has been accused of turning Nigeria into a graveyard for businesses, with each exit being a blow to the economy, a loss of jobs, and increased poverty. Atiku Abubakar, the ADC presidential candidate, welcomed the Independent Petroleum Marketers Association of Nigeria's (IPMAN) call for government intervention to reduce petrol prices, stating that it put Tinubu's proposed targeted subsidy policy to shame.
Atiku argued that the difference between the past import subsidy regime and his proposed intervention was the difference between a farmer selling cheap cassava and buying expensive garri for his family, versus building the capacity to process cassava at home.
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