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?”
By Saidu Idris
365Daily – The presidential candidate of the Labour Party (LP), in the last general elections, Mr. Peter Obi, has expressed concern over the mass departure of multinational companies from Nigeria.
In a statement on Monday, June 24, 2024, on his official X (formerly Twitter), Obi said the development has “cost our nation a staggering N95 trillion in the past five years.”
According to reports, over ten multinational giants, including GlaxoSmithKline, Equinor, and Procter & Gamble, have exited Nigeria in the last year alone, citing harsh business climate, insecurity, high energy costs, and poor business environment as reasons.
Obi attributed the issues to a larger governance problem, emphasizing the need for leadership to address these challenges head-on. He advocated for creating a business-friendly environment that fosters investment, innovation, and growth, prioritizing security, stabilizing policies, and reducing energy costs.
He also stressed the importance of transparency, accountability, and good governance in building an economy that benefits all Nigerians. Obi called for unity to transform Nigeria into a nation conducive to business, attractive to investment, safe, and prosperous for all citizens.
The statement echoes a rallying cry for a new business-friendly Nigeria, poised to become a beacon of hope and progress in Africa and the world.
The full Statement:
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.
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. 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 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. -PO