The Labour Party presidential candidate in the 2023 elections, Peter Obi, has expressed concern over the exit of multinational companies from Nigeria. This comes as Procter & Gamble (P&G), a leading global consumer goods company, announced its decision to wind down its on-ground presence in the country.
“A few months ago, I lamented the exit of one of the top global Pharmaceutical giants, GlaxoSmithKline (GSK) from Nigeria. GSK remains a top global pharmaceutical manufacturer and has had 51 years of operations in Nigeria. The reason for their exit was that there was no longer a perceived growth in Nigeria anchored on productivity,” Obi wrote on his page.
He further noted that P&G, known for iconic brands like Pampers and Gillette, is leaving Nigeria for the same reason GSK left. Other companies following suit include French pharmaceutical company Sanofi-Aventis and top energy firm Equinor, a Norwegian behemoth.
“Fifteen years ago, P&G, as they are commonly called, viewed Nigeria as a strategic country of importance and invested millions of dollars in an ultra-modern chain supply structure in Agbara which, sadly, is now up for sale,” Obi added.
READ ALSO: Lagos State Seals 19 Event Centres for Safety Infractions
Obi emphasized the importance of these companies in the economy, stating that they not only signify trust and confidence but also create jobs, invest in research and development, and develop local talents for both local and global jobs.
“The exit of these top global companies shows that our medium to long-term prospects strategy is in the negative. Our investment profile is not attractive and our business environment is deteriorating continually,” he warned.
Obi concluded by urging the government at all levels in Nigeria to take immediate steps to ensure that institutions of governance are put in place and actively engage to show that the situation is reversed.
“National greatness and development cannot be pursued in an atmosphere that is scaring away strategic international investors,” he said.