Uber’s Exit Should Restart Nigeria’s Debate on Domestic Ownership

Uber’s reported exit from Nigeria has renewed concerns about inflation, fuel costs, currency volatility and the difficult operating environment for businesses. But the bigger issue is not only why a foreign company leaves. It is whether Nigerians own enough productive assets and competitive businesses to withstand such exits. Nigeria needs foreign investment, technology and global partnerships. However, it also needs more Nigerians to own businesses, vehicles, property, shares, intellectual property and other income-producing assets. A stronger domestic ownership base would help ensure that more wealth created in Nigeria remains within the economy. Consumer credit and spending can support growth, but they are not substitutes for wealth creation. Credit is most useful when it helps households and businesses acquire assets, expand production and build equity rather than fund endless consumption. Government also has a major role to play. Stable policies, lower inflation, reliable infrastructure, access to affordable finance and enforceable contracts are necessary for Nigerian businesses and investors to grow. Nigeria does not need fewer foreign investors; it needs millions more Nigerian owners.

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