By Hassan Adamu
The African Democratic Congress (ADC) has accused the administration of President Bola Ahmed Tinubu of creating an increasingly hostile business environment, alleging that the reported exit of global ride-hailing company Uber and the scaling down or closure of operations by several multinational firms are evidence of worsening economic conditions in Nigeria.
The opposition party described the development as a “vote of no confidence” in the economic policies of the Tinubu administration, arguing that the departure of major businesses was undermining employment, investment and economic growth.
The ADC National Publicity Secretary, Mallam Bolaji Abdullahi, stated this in a statement issued on Thursday, September 3, 2026, in which he challenged the Federal Government to reconcile its claims of economic recovery with what he described as the deteriorating living conditions of Nigerians and the difficulties confronting businesses.
Abdullahi said the reported 0.2 percentage-point improvement in the country’s Gross Domestic Product was insufficient to justify what he described as widespread economic hardship.
“Certainly, a 0.2 per cent growth does not justify the extreme hardship that Nigerians are suffering,” the party said.
The ADC questioned the practical impact of the reported economic growth on households and businesses, asking the Federal Government to explain how the improvement had translated into increased purchasing power, affordable food, sustainable jobs and lower operating costs.
“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."
The opposition party specifically linked Uber’s reported exit from Nigeria after 12 years of operations to what it described as the mounting cost of doing business in the country.
According to the ADC, the removal of the petrol subsidy and the depreciation of the naira had significantly increased fuel, transportation, energy and production costs, thereby putting additional pressure on businesses and consumers.
The party argued that the cumulative effect of the economic policies had weakened the capacity of businesses to remain profitable and expand their operations.
The ADC also cited what it described as previous concerns raised by the Manufacturers Association of Nigeria regarding the number of companies that had shut down or become distressed amid the challenging operating environment.
It listed Microsoft, Jumia, Bolt Food, Pick n Pay, Shoprite, GlaxoSmithKline, Sanofi-Aventis, Bayer AG, Procter & Gamble, Unilever and PZ Cussons among companies it said had either exited, shut down some operations or scaled back their presence in Nigeria.
The party particularly cited GlaxoSmithKline’s decision to end its manufacturing operations in Nigeria, arguing that the development should concern policymakers because of its implications for local production, employment and investment.
“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 opposition party alleged that the administration had failed to create the stable and predictable economic environment required to attract and retain private-sector investment.
“The painful truth is that Tinubu has turned Nigeria into a graveyard of businesses,” the ADC alleged.
“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.”
The party said the consequences of corporate exits went beyond individual companies, warning that business closures could lead to job losses, reduced tax revenues, weaker domestic production and increased poverty.
“Each exit delivers a blow to the economy. But perhaps, more importantly, each one represents a massive loss of jobs and increased poverty,” the party said.
The ADC also faulted what it described as the Federal Government’s emphasis on macroeconomic indicators without sufficient attention to the experiences of ordinary Nigerians.
It said rising living costs, reduced purchasing power and increasing operating expenses had left workers and businesses struggling despite official claims of economic improvement.
The party further argued that Nigerians were more concerned about the affordability of food, transportation, housing and other basic necessities than marginal changes in GDP figures.
The ADC said those earning salaries were increasingly finding it difficult to meet their daily expenses, while businesses were facing higher costs of energy, logistics, raw materials and transportation.
The party therefore renewed its support for its presidential candidate, Alhaji Atiku Abubakar, and his proposed economic measures, particularly a targeted fuel subsidy aimed at reducing production and transportation costs.
“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,” the party said.
According to the ADC, reducing production costs would improve business competitiveness, protect jobs and stimulate economic activity.
The party maintained that the Federal Government should focus on policies capable of improving the operating environment for businesses while cushioning the effects of economic reforms on vulnerable Nigerians.
The ADC concluded that economic growth would only become meaningful when reflected in improved household welfare, stronger businesses, job creation and increased investor confidence.
It said the continued departure or downsizing of businesses should prompt the Tinubu administration to reassess its economic policies and address structural challenges confronting the private sector.
