Reps Probe Closure, Exit Of Multinational Firms, FG Silos’ Privatisation, Concession

The House of Representatives has resolved to investigate the closure and exodus of multinational companies in the country with adverse effects on the economy.

This followed the adoption of a motion moved by Hon. Patrick Umoh (APC, Akwa), Hon. Lukman Alani Mudashiru (PDP, Osun) and Hon. Paul Ekpo (PDP, Akwa Ibom) at plenary on Tuesday.

Moving the motion, Umoh noted that over the past seven years, several manufacturing companies have either left Nigeria or stopped production due to business challenges.

He said the continuous departure of multinational companies is causing concern as it could significantly impact the country’s GDP, hinder economic growth potential, and job losses; increasing poverty, decreasing government revenue and investor confidence in the Nigerian market.

The lawmaker expressed worry that, “multinational companies are exiting or closing operations in Nigeria due to economic uncertainties, challenging business environments, lack of electricity, constant naira devaluation, high taxes, insecurity, poor infrastructure, port congestion, and stringent government policies.”

Adopting the motion, the House urged the federal government to among others implement clearly defined measures to address the challenges confronting the nation, particularly in the manufacturing sector, and create a conducive environment for businesses to thrive.

Also at plenary, the House agreed to probe the Privatisation and concession of federal government Silos in Nigeria when it approved a motion sponsored by Hon. Inuwa Garba.

Presenting the motion, Garba noted that in September, 2017, the federal government commenced the process of concessioning 22 out of its 33 silo complexes across the country to the private sector to ensure availability of affordable grains across the country.

He emphasised the need to scrutinise circumstances surrounding the privatisation or concession of government Silos for Grains Storage in the country considering the vital role these silos play in ensuring food security across the country.

“Also cognizant of the need to investigate the entire process of privatisation or concession, including the criteria used for the selection of private entities, transparency in the bidding process to ensure accountability in public administration, and upholding the principles of fairness and equity,” the lawmaker said.

The motion was passed referred to relevant Committees for investigation within four weeks for further legislative action.