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Peter Obi Laments Exit Of Multinational Companies From Nigeria Amid Harsh Economic Climate

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Peter Obi Laments Exit Of Multinational Companies From Nigeria Amid Harsh Economic Climate

He said all the multinational companies cited insecurity, high energy costs, poor business environment, inconsistent policies as the major factors that forced them out of the country.

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A former presidential candidate of the Labour Party (LP), Peter Obi, has lamented that in the last five years, Nigeria lost a staggering sum of N95 trillion to the alarming exodus of multinational companies from the country.

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Obi in a series of posts on his X platform handle on Monday said that it is unfortunate that all the companies that have exited from Nigeria including GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, and Kimberly-Clark, Diageo, amongst others, cited the same reasons.

 

He said all the multinational companies cited insecurity, high energy costs, poor business environment, inconsistent policies as the major factors that forced them out of the country.

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.

“These 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 former Anambra State said, “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 business friendly Nigeria is possible.”

 

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