Labour Party Presidential Candidate for the 2023 general election, Peter Obi, has decried the impact of the withdrawal of multinational companies from various sectors of the economy. He said these departures have cost the economy 95 trillion naira in the last five years.
The Labour Party Presidential Candidate Obi, who spoke on his verified X handle, said the exodus is alarming and requires focused leadership to counter it. His words: “I am compelled to address the alarming exodus of multinational companies from Nigeria which has cost our country a staggering 95 trillion naira in the last five years.” Obi said in a media report: More than 10 major multinational companies, including GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Foods, Procter & Gamble, Jumia Foods, PZ Cussons, Kimberly-Clark and Diageo, have left Nigeria, citing eerily consistent reasons.
The Labour presidential candidate said another national newspaper had reported that “multinational companies are leaving Nigeria due to the tough business environment.” Another daily said, “Poor business environment and inconsistent policies are driving companies out of Nigeria.” “These companies are exhibiting similar problems across the board,” he said.
It is clear that these issues are not coincidences, but rather symptoms of larger governance issues. Why not address these issues head-on and solve them?
“The onus is on our leadership, and those tasked with addressing these challenges with urgency. Addressing these issues requires creating a business-friendly environment that fosters investment, innovation, and growth. “This includes prioritizing security, stabilizing policies, and reducing energy costs. We also need to foster a culture of transparency, accountability, and good governance. We can build an economy that benefits all Nigerians and not just the privileged few.”
Obi, who said a new Nigeria is possible, urged Nigerians to come together to build a society where justice prevails. “Together, let us transform Nigeria into a country that is pro-business, attractive for investment, safe and prosperous for all its citizens. Together, we can transform Nigeria into a beacon of hope and progress for Africa and the world. A new business-friendly Nigeria is possible.”
