Mr Peter Obi, the Labour Party’s 2023 presidential candidate, has raised alarms over the mass exodus of multinational companies from Nigeria, which he says has cost the nation N95 trillion over the past five years.
In a statement posted on his official Twitter handle, Obi highlighted the departure of over ten major firms in the last year alone. These companies include GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, and Diageo.
Obi pointed out that these companies cited consistent reasons for their exit, such as Nigeria’s harsh business climate. He referenced reports from various newspapers to support his argument. The Punch reported, “Multinational firms exit Nigeria over harsh business climate,” while The Guardian noted, “Insecurity, high energy costs force companies to leave Nigeria.” Similarly, The Nation stated, “Poor business environment, inconsistent policies drive companies out of Nigeria.”
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Obi’s statement made it clear that these issues are not isolated but are symptomatic of larger governance problems. He questioned why the government is not addressing these problems directly. He emphasized the need to prioritize security, stabilize policies, and reduce energy costs to create a more conducive business environment.
“We must also cultivate a culture of transparency, accountability, and good governance,” Obi said. “We can build an economy that benefits all Nigerians, not just a privileged few.”
The Labour Party candidate believes that a new, business-friendly Nigeria is possible if these steps are taken.
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