The 2023 Labour Party presidential candidate, Peter Obi said the exodus of multinational companies from Nigeria has cost the country a staggering N95 trillion in the past five years.
Obi, who stated this in a statement via his X handle on Monday, noted, “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, and Kimberly-Clark, Diageo and others, have exited Nigeria, citing eerily consistent reasons.”
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‘‘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.
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.
Speaking on the nature of the issue, Obi said, “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?”
Meanwhile, Obi has called for action from the authorities, saying Nigerian leaders must address the trend of multinational companies leaving Nigeria.
He 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..”
The former Anambra governor told government ‘‘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.
Obi called for unity and transformation, saying, “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.”
Recall that GlaxoSmithKline Consumer Nigeria Plc had announced plans to shut down its operations in the country.
The announcement was stated in a press statement and filed with the Nigerian Exchange Limited. It was signed by the Company Secretary, Frederick Ichekwai.
Similarly, Jumia Food, the food delivery service of the e-commerce company, Jumia Technologies, announced plans to shut down operations in Nigeria in December 2023.
Jumia said it will close its food delivery business in Nigeria and six other countries in which it operates by the end of the year to focus on growing its core online retail business.
