Despite struggles by Bola Tinubu to woo foreign investors, founder of Stanbic IBTC Bank, Atedo Peterside has said businesses that value rule of law, policy consistency, macroeconomic stability, and a level playing field would continue to depart from Nigeria.
Peterside was reacting to the exit of Procter &Gamble (P&G) who recently shut its operation in Nigeria.
P&G is the third multinational to leave Nigeria after GlaxoSmithKline Consumer Nigeria Plc (GSK) and Sanofi-Avantis Nigeria Limited announced similar decisions, respectively.
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Commenting on the development, Peterside wrote on his X handle; “Another way to look at this @ProcterGamble exit story is that multiple investors who cherish the rule of law, policy consistency, macroeconomic stability, a level playing field, etc. are running away from Nigeria.
“They are being ‘replaced’ only partially by investors who know how to ‘partner’ with politicians and/or game the system through waivers, exemptions, etc.”.