Uber's Exit Reveals Nigeria's Tough Business Climate

The African Democratic Congress (ADC) has expressed that the exit of Uber from Nigeria, after 12 years of operation, underscores the difficulties businesses face in the country. In a statement by National Publicity Secretary Mallam Bolaji Abdullahi, the ADC criticized the government's assertion of a 0.2 percentage-point improvement in Gross Domestic Product (GDP), arguing that it does not reflect the economic pressures experienced by citizens.

The party noted that approximately 140 million Nigerians are affected by poverty, and many businesses are struggling with high operational costs, particularly following the removal of fuel subsidies and the devaluation of the naira. The ADC called for the government to clarify how reported GDP growth translates into real improvements for Nigerians.

Additionally, the party highlighted that since May 2024, 767 manufacturing companies have shut down or ceased operations, with notable companies like GlaxoSmithKline closing its manufacturing operations in Nigeria after 50 years. The ADC linked these business exits to rising costs and called for a targeted fuel subsidy to alleviate economic burdens.