Peter Obi has expressed concern over the alarming rate at which multinational companies are exiting Nigeria.
In a post shared on X, the Labour Party’s 2023 presidential candidate highlighted the significant impact of these exits, nothing that Nigeria has incurred a loss of N95 trillion in the past five years due to this trend. Obi attributed this situation on the actions and policies of the country’s political leaders. He emphasized the need for collective effort to address these challenges and work towards making Nigeria a better place for business and investment.
In his words:
”I am compelled to address the alarming exodus of multinational companies from Nigeria, which has cost our nation a staggering N95 trillion in the past five years. AAccording to The New Telegraph, in the last year alone, over ten multinational giant such as GlaxoSmithKline, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, and Kimberly-Clark, Diage and others, have exited Nigeria, citing eerily consistent reasons.”
”According to The Punch, ‘Multinational firms exit Nigeria over harsh business climate.’ The Guardian reports, ‘Insecurity, high energy costs force companies to leave Nigeria.’ The Nation states, ‘Poor business environment, inconsistent policies drive companies out of Nigeria.”
“Thes companies have highlighted the same problems across the board. It is clear these issues are not coincidental but symptomatic of a larger governance problem. Why are we not facing and solving these problems head-on?”
”The responsibility lies with our leadership, those we put in charge to urgently address these chat. Tacking these issues required creating a business-friendly environment that fosters investment, innovation, and growth.”
“These includes prioritizing security, stabilizing our policies, and reducing energy costs. We must also cultivate a culture of transparency, accountability, and good governance. We can build an economy that benefits all Nigerians, not just a privileged few.”
“Let us unite to transform Nigeria into a natio. Conducive to business, attractive to investment, safe and prosperous for all citizens. Together, we can make Nigeria a beacon of hope and progress in Africa and the world. A new business friendly Nigeria is possible.”