Obi expresses worry over exodus of multinationals

The increasing number of multinationals exiting the country due to the bad business climate is a cause for serious concern, the Presidential candidate of the Labour Party (LP) in the 2023 general election, Peter Obi, has said.

   
Writing on his X handle, yesterday, the former Anambra State Governor noted that the reasons being adduced by these departing firms after many years of operations in the country are similar and largely governance problems that require urgent attention to stem.
   
Obi said: “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. 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.” 
 
He said that the media is awash with tales of multinational firms exiting Nigeria over harsh business climate, while others left due to insecurity and high energy costs.  Other reasons for their exit, he said, are poor business environment and inconsistent policies. 

Obi added: “These companies have highlighted the same problems across the board. 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 prioritising security, stabilising 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 for 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.”