Presidential candidate of the Labour Party in the 2023 general election, Peter Obi, has expressed deep concern over the increasing number of multinational companies leaving the country due to the unfavorable business climate.
Obi highlighted that these departing firms have cited similar governance issues as the main reason for their exit, emphasizing the urgent need to address these challenges.
In a statement posted on his X handle yesterday, the former governor of Anambra State stated, “I feel compelled to address the alarming exodus of multinational companies from Nigeria, which has resulted in a staggering loss of N95 trillion over the past five years.
According to Obi, in the last year alone, more than ten multinational giants, including GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, Diageo, and others, have exited Nigeria, consistently citing similar reasons.”
Quoting articles from various sources, Obi continued, “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 all identified the same problems. These issues are not mere coincidences but rather symptoms of a larger governance problem. Why are we not directly addressing and resolving these challenges? The responsibility lies with our leadership, those whom we have entrusted to urgently tackle these issues,” Obi added.
To combat these problems, Obi emphasized the need to create a business-friendly environment that promotes investment, innovation, and growth.
This includes prioritizing security, establishing stable policies, and reducing energy costs. Additionally, cultivating a culture of transparency, accountability, and good governance is vital.
“We have the potential to build an economy that benefits all Nigerians, not just a privileged few.
“Let us unite in transforming Nigeria into a nation that is conducive to business, attractive to investment, and safe and prosperous for all its citizens,” Obi said.
“Together, we can make Nigeria a beacon of hope and progress in Africa and the world. A new Nigeria is within our reach,” Obi concluded.
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