Obi Warns About Exodus Of Multinationals, Offers Solutions

Peter Obi, the Labour Party’s Presidential Candidate in the 2023 general election, has expressed concern about the growing number of multinationals leaving the country due to the bad business climate.

In a press statement by Dr. Yunusa Tanko, POMR Spokesman, Obi noted that the reasons given by these departing firms after many years of operations in the country are similar and largely governance problems that require urgent attention to stem the tide.

On Monday, the former Anambra State Governor wrote on his X handle, “I am compelled to address the alarming exodus of multinational companies from Nigeria, which has cost our country a staggering N95 trillion over the last five years. According to The New Telegraph, over ten multinational corporations, including GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, Diageo, and others, have exited Nigeria in the past year, citing eerily consistent reasons.

According to The Punch, “Multinational firms leave Nigeria due to the harsh business climate.” According to the Guardian, “Insecurity and high energy costs have forced companies to leave Nigeria.” According to the Nation, “A poor business environment and inconsistent policies drive companies out of Nigeria.”

“These companies have all identified the same issues. These issues are not isolated incidents, but rather symptoms of a larger governance problem. Why are we not confronting and resolving these issues head-on Our leadership, those we have put in charge, must urgently address these challenges.

“To address these issues, we must create a business-friendly environment that promotes investment, innovation, and growth. This includes putting security first, stabilising our policies, and lowering energy costs. We must also foster an environment of transparency, accountability, and good governance.

“We can create an economy that benefits all Nigerians, not just the privileged few. Let us work together to make Nigeria a business-friendly, investor-friendly, safe, and prosperous country for all citizens. Together, we can help Nigeria become a beacon of hope and progress in Africa and around the world. A new Nigeria is attainable.