Peter Obi, the candidate of the Labour Party in the 2023 presidential election, has expressed sadness over Nigeria’s loss in revenue following the exit of several multinational companies from the country.
In a statement on Monday, Obi lamented the unfriendly environment for doing business in the country, which has forced several multinational companies to go elsewhere.
Describing it as a “symtomatic” “governance problem,” Obi mentioned that “the responsibility lies with our leadership, those we put in charge to urgently address these challenges.”‘
Obi, who bemoaned the exit of GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, Diageo, and others, urged the President Bola Tinubu-led administration to tackle “these issues” by “creating a business-friendly environment that fosters investment, innovation, and growth.”
Obi’s statement reads, “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 ten 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.
“According to The Punch, ‘Multinational firms exit Nigeria over the harsh business climate.’
The Guardian reports, ‘Insecurity and high energy costs force companies to leave Nigeria.’
“The Nation states, ‘Poor business environments and inconsistent policies drive companies out of Nigeria.’
“These companies have highlighted the same problems across the board. It is clear that 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 and 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 the 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 business-friendly Nigeria is possible.”
