Peter Obi Blames Failed Govenenace For Multinational Companies Exit

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Presidential candidate Peter Obi of the Labour Party has attributed the exit of multinational companies from Nigeria to poor governance.

He stated that the massive exit of companies, resulting in a N95 trillion loss over five years, is a symptom of a larger governance problem.

Obi believes that the exodus is not coincidental but a consequence of failed leadership, highlighting the need for effective governance to attract and retain investments in the country.

He stated this in a statement on Monday, saying that the recent exodus of multinational companies from Nigeria has resulted in a loss of N95 trillion in the past five years.

According to him, “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 10 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,” Obi said.

“According to The Punch, ‘Multinational firms exit Nigeria over harsh business climate.’ The Guardian reports, ‘Insecurity, high energy costs force companies to leave Nigeria.’ The Nation states, ‘Poor business environment, inconsistent policies drive companies out of Nigeria.’ These companies have highlighted the same problems across the board.”

Obi noted that these issues are not coincidental but symptomatic of a larger governance problem and questioned why the problems are not being addressed head-on.

The former governor added that multinational companies leaving Nigeria reflect a lack of confidence in the country’s economic policies and regulatory environment.

He, however, added that “the responsibility lies with our leadership, 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.”

Creating a business-friendly environment, Obi said, includes prioritizing security, stabilizing policies, reducing energy costs, and promoting transparency, accountability, and good governance to build an economy that benefits all Nigerians, not just the privileged few.

He, however, concluded by urging unity in transforming Nigeria into a nation conducive to business, attractive to investment, safe, and prosperous for all citizens, noting that a new business-friendly Nigeria is possible.

Source: The Guardian.

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