ADC ACCUSES TINUBU OF TURNING NIGERIA INTO ‘GRAVEYARD OF BUSINESSES
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By:Tajudeen Aminat
The African Democratic Congress (ADC) has criticised President Bola Ahmed Tinubu’s economic policies, accusing his administration of creating a business environment that is increasingly hostile to companies operating in Nigeria.
The opposition party described Nigeria as a “graveyard of businesses” following reports of Uber’s departure from the country, alongside the shutdown or downsizing of operations by several multinational companies.
In a statement issued on Thursday, the ADC National Publicity Secretary, Bolaji Abdullahi, said the developments highlighted what the party described as a disconnect between the Federal Government’s claims of economic recovery and the realities confronting businesses and ordinary Nigerians.
The party also questioned the significance of the reported 0.2 percentage-point increase in GDP growth, arguing that the improvement had yet to translate into better living conditions for citizens.
“Certainly, a 0.2% growth does not justify the extreme hardship that Nigerians are suffering,” the ADC said.
The opposition party claimed that Nigeria’s poverty rate had climbed to 63 per cent, affecting an estimated 140 million people, while workers continued to face declining purchasing power and businesses struggled with escalating operating costs.
It challenged the Tinubu administration to explain how the reported economic growth had improved the lives of ordinary Nigerians.
“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,” the statement added.
The ADC linked Uber’s reported exit after 12 years of operations in Nigeria to what it described as the worsening business climate, particularly the rising cost of energy and transportation.
The party blamed the removal of the fuel subsidy and naira devaluation for a significant increase in fuel prices, which it claimed had risen by as much as 1,700 per cent.
It also cited a report by the Manufacturers Association of Nigeria, claiming that 767 manufacturing companies, including 20 major global brands, had shut down or ceased operations in the country, while hundreds of others were experiencing financial distress.
Companies mentioned by the party as having either withdrawn from Nigeria or reduced their operations included Microsoft, Jumia, Bolt Food, Pick n Pay, Shoprite, GlaxoSmithKline, Sanofi-Aventis, Bayer AG, Procter & Gamble, Unilever and PZ Cussons.
The ADC particularly referenced GlaxoSmithKline, noting that the pharmaceutical giant ended its manufacturing operations in Nigeria after about five decades in the country.
“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.
According to the ADC, continued business closures could worsen unemployment and poverty while further weakening the purchasing power of Nigerians.
The opposition party maintained that economic growth figures should not be used as the sole measure of government performance, arguing that the impact of economic policies should also be assessed through household incomes, food affordability, transportation costs and employment opportunities.
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