By Ihechi Enyinnaya
Peter Obi, the Labour Party’s Presidential Candidate in the 2023 general election, has raised concerns over the increasing number of multinational companies leaving Nigeria due to an unfavorable business environment.
Obi pointed out that the reasons cited by these departing firms, which have operated in Nigeria for many years, are largely governance-related issues that require urgent attention to reverse the trend.
Writing on his X handle on Monday, the former Governor of Anambra State stated, “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, over ten multinational giants, including GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, and Diageo, have left Nigeria in the last year alone, citing eerily consistent reasons.”
He highlighted various reports: The Punch noted, “Multinational firms exit Nigeria over harsh business climate.” The Guardian reported, “Insecurity, high energy costs force companies to leave Nigeria.” The Nation stated, “Poor business environment, inconsistent policies drive companies out of Nigeria.”
“These companies have consistently pointed to the same issues. These problems are symptomatic of larger governance failures. Why are we not addressing these problems head-on? The responsibility lies with our leadership, those we entrust with the power to urgently tackle these challenges,” Obi said.
“Tackling these issues requires creating a business-friendly environment that fosters investment, innovation, and growth. This includes prioritizing security, stabilizing 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 Nigeria is possible.”