Mr Peter Obi, the Labour Party’s 2023 presidential candidate, has raised alarms over the mass exodus of multinational companies from Nigeria, which he says has cost the nation N95 trillion over the past five years.
In a statement posted on his official Twitter handle, Obi highlighted the departure of over ten major firms in the last year alone. These companies include GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, and Diageo.
Obi pointed out that these companies cited consistent reasons for their exit, such as Nigeria’s harsh business climate. He referenced reports from various newspapers to support his argument. The Punch reported, “Multinational firms exit Nigeria over harsh business climate,” while The Guardian noted, “Insecurity, high energy costs force companies to leave Nigeria.” Similarly, The Nation stated, “Poor business environment, inconsistent policies drive companies out of Nigeria.”
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Obi’s remarks demonstrated that these difficulties are indicative of more serious governance challenges rather than being isolated ones. He questioned why these issues are not being addressed head-on by the government. He stressed that in order to establish a more favourable economic environment, security must come first, policies must be stabilised, and energy costs must be lowered.
“We must also cultivate a culture of transparency, accountability, and good governance,” Obi said. “We can build an economy that benefits all Nigerians, not just a privileged few.”
If these actions are taken, the Labour Party candidate thinks that a new, business-friendly Nigeria may be achieved.
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