Mr Olatunbosun Oyintiloye, a chieftain of the All Progressives Congress (APC) has appealed to Bola Tinubu to stop the continued exit of multinational companies from Nigeria.
Oyintiloye, who made the appeal in a chat with journalists on Sunday in Osogbo, described the exit of these companies as worrisome and heartbreaking.
The APC chieftain appealed to the president to continue to do everything possible to improve on the economy to attract more investment to the country rather than exiting.
Oyintiloye maintained that the recent announcement by Kimberly-Clark, an American multinational and producer of baby products, Huggies, to exit the country was worrisome.
He said that GlaxoSmithKline Consumer Nigeria Plc, French pharmaceutical company, Sanofi-Aventis Nigeria Limited and Procter and Gamble, among others have shut down their operations fully or partially .
According to him, in 2023, Unilever stopped the production of its legendary OMO, Sunlight and Lux home and skin care brands in a bid to cut costs so as to concentrate on higher growth opportunities.
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Oyintiloye recounted that multinational oil companies were not left behind as Shell, ExxonMobil and ENI have exited Nigeria.
“These companies left mainly because of heightened insecurity in the Niger Delta and inability of the government to provide their counterpart funds to enable the joint venture agreements to explore and exploit new oilfields,”he said.
He continued, “There is urgent need to address challenges causing the exit of these multinational companies.
“Government should create a more flexible, transparent foreign exchange policy to address scarcity issues, reduce the inflationary trend which has reduced consumers’ demand and purchasing power, create tax breaks, review economic and fiscal policy.
“The government should also look at how to give incentives to some of the multinationals that are still operating in the country,” he said.
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