BY AHMED AKANBI
The African Democratic Congress (ADC) has accused President Bola Ahmed Tinubu’s administration of turning Nigeria into a “graveyard of businesses”, following the reported exit of Uber and the shutdown or scale-down of operations by several multinationals.
The opposition party said the development is a vote of no confidence in the economic policies of the Tinubu government and exposes the widening gap between official claims of progress and the realities facing Nigerians.
In a statement issued on Thursday, September 3, 2026, ADC National Publicity Secretary, Mallam Bolaji Abdullahi, said the increasing number of companies leaving Nigeria reflected an increasingly hostile business environment.
The party expressed concern that the government was celebrating a marginal 0.2 percentage-point improvement gross domestic product, GDP amid worsening hardship, business closures, job losses and rising poverty.
“Certainly, a 0.2 per cent growth does not justify the extreme hardship that Nigerians are suffering,” the ADC said.
The party claimed Nigeria’s poverty rate had risen to 63 per cent, affecting an estimated 140 million Nigerians, and challenged the APC to explain how GDP growth had translated to better 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.
“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 per cent is a mark of success in their books, President Tinubu and APC should tell us what they consider as failure,” Abdullahi stated.
The ADC linked Uber’s exit after 12 years in Nigeria to rising energy, transportation and production costs, which it blamed partly on petrol subsidy removal and naira devaluation.
The party said its presidential candidate, Alhaji Atiku Abubakar, had proposed the restoration of a targeted fuel subsidy to bring down the cost of fuel, transportation and production.
The ADC also cited a Manufacturers Association of Nigeria, MAN, report indicating that hundreds of manufacturing firms had shut down or become distressed in recent years.
Among companies listed as having exited, shut down or scaled down were Microsoft, Jumia, Bolt Food, Pick n Pay, Shoprite, GSK, Sanofi-Aventis, Bayer AG, Procter & Gamble, Unilever and PZ Cussons. The party specifically noted GlaxoSmithKline ended manufacturing in Nigeria after decades.
“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 said every business exit represents a blow to the economy, massive job losses and increased poverty, adding that official indicators mean little to Nigerians whose living conditions keep deteriorating.
“Those who had jobs yesterday are not sure how long it will take before their employers close shop, and those earning salaries are struggling even to transport themselves to work,” the statement added.
The ADC reiterated support for Atiku’s plan to subsidise production costs tied to fuel, saying it would reduce cost of living, improve business profitability and create jobs across critical sectors.