The 2023 Labour Party presidential candidate, Peter Obi, has spoken out on the alarming rate of multinational company exits from Nigeria.
In a series of tweets on Monday, Obi attributed the exodus to governance-related issues and proposed solutions to address the problem.
Obi called for a business-friendly environment, prioritization of security, policy stabilization, reduced energy costs, and a culture of transparency and accountability.
He emphasized the need for urgent action to transform Nigeria into an attractive destination for investment and a prosperous nation for all citizens.
Obi’s remarks come as several multinational companies, including GlaxoSmithKline, Equinor, and Diageo, have exited Nigeria in the past year, citing harsh business conditions, insecurity, and high energy costs.
The exit of these companies has resulted in a significant economic loss, estimated at N95 trillion over the past five years.
Obi said: “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.
”According to The New Telegraph, in the last year alone, over ten multinational giants such as GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, Diageo 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.’ These companies have highlighted the same problems across the board. 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 challenges.
“Tackling these issues requires creating a business-friendly environment that fosters investment, innovation and growth.
“This 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 nation 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 Nigeria is possible.”
