Obi Explains Why Multinationals Are Exiting Nigeria

Peter Obi, the Labour Party’s presidential candidate, has bemoaned the loss of another major international corporation after Procter & Gamble announced its withdrawal from Nigeria this week.

Obi lamented in a message posted on his X account that the exits of major global brands such as P&G and GlaxoSmithKline signal dwindling faith in the country’s economic prospects.

“The presence of these iconic companies signifies trust and belief in the medium to long-term socio-economic outlook of the countries where they operate,” Obi explained, adding that “their investments create jobs, spur innovation, and develop local talent.”

“In the face of the absence of the rule of law, and a conducive business environment, it will be difficult to retain such iconic companies and talk more about attracting new ones,” he said.

He noted that P&G, maker of Pampers diapers and Gillette razors, invested heavily in local operations over the past 15 years but is now selling its state-of-the-art Agbara supply chain facility.

According to him, without changes, more flagship companies will follow them out the door.

He also noted that French pharmaceutical titan Sanofi-Aventis, and Norwegian energy leader, Equinor have already divested from the Nigerian market.

The loss of such giants and their contributions to growth, jobs, and technology represents a major blow, he reiterated.

Obi urged swift government action at the federal, state, and local levels to reverse the deterioration of the business environment before even more household brands exit Africa’s largest economy.

“National greatness and development cannot be pursued in an atmosphere that is scaring away strategic international investors,” he emphasised.