Peter Obi, the Presidential Candidate of the Labour Party (LP) in the 2023 general elections, has addressed the recent exodus of multinational companies from Nigeria, highlighting that the departure of these companies is a clear sign of underlying governance issues.
In a series of tweets posted today (Monday), Obi noted that multinational companies leaving Nigeria reflects a lack of confidence in the country’s economic policies and regulatory environment.
Mr Obi stressed that all the companies leaving the nation have highlighted similar problems including and not limited to – a harsh business climate, high energy cost, and insecurity.
The LP flagbearer while questioning why these issues have not been properly addressed, noted that it is the responsibility of leadership and those in charge to urgently tackle the challenges.
Obi who was former governor of Anambra State, also called for urgent reforms to stabilize the economy and restore investor confidence. In his opinion, tackling the issue at hand requires creating a business-friendly environment that fosters investment, innovation and growth.
According to him, this move entails “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”.
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
— Peter Obi (@PeterObi) June 24, 2024
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