Exit of multinationals from Nigeria shows failure in governance — Peter Obi

Former Governor of Anambra State and Labour Party Presidential Candidate, Peter Obi, has expressed concern over the massive exit of multinational companies from Nigeria.

Obi said that the massive exit of multinational companies from Nigeria is not coincidental but symptomatic of a larger governance problem.

Obi, in a statement on Monday, said the recent exodus of multinational companies from Nigeria has resulted in a loss of N95 trillion in the past five years.
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However, The Guardian, as of the time of filing this report, cannot independently verify these statistics.

“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 10 multinational giants such as GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, Diageo and others, have exited Nigeria, citing eerily consistent reasons,” Obi said.

“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.”

Obi noted that these issues are not coincidental but symptomatic of a larger governance problem and questioned why the problems are not being addressed head-on.

The former governor added that multinational companies leaving Nigeria reflect a lack of confidence in the country’s economic policies and regulatory environment.

He, however, added that “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.”

Creating a business-friendly environment, Obi said, includes prioritising security, stabilising policies, reducing energy costs, and promoting transparency, accountability, and good governance to build an economy that benefits all Nigerians, not just the privileged few.

He, however, concluded by urging unity in transforming Nigeria into a nation conducive to business, attractive to investment, safe, and prosperous for all citizens, noting that a new business-friendly Nigeria is possible.