Peter Obi reveals that the departure of multinational companies has cost Nigeria N95 trillion in the past five years, urging immediate action to address governance issues and improve the business environment.
Peter Obi, the 2023 Labour Party presidential candidate, has highlighted the severe economic repercussions of multinational companies exiting Nigeria, estimating the loss at a staggering N95 trillion over the past five years.
In a statement on his X handle on Monday, Obi expressed deep concern over the departure of more than ten major companies in the last year alone. These include GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, and Diageo.
Obi stated, “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.”
He emphasized that the reasons behind these exits are not coincidental but indicative of a larger governance problem. “According to The New Telegraph, in the last year alone, over ten multinational giants have exited Nigeria, citing eerily consistent reasons.”
Obi called for urgent action from the authorities, highlighting the responsibility of Nigerian leaders to address the trend of multinational companies leaving the country. “The responsibility lies with our leadership, those we put in charge, to urgently address these challenges.”
The former governor of Anambra State outlined key areas for improvement, including creating a business-friendly environment, prioritizing security, stabilizing policies, and reducing energy costs. He also stressed the importance of “cultivating a culture of transparency, accountability, and good governance.”
Obi concluded with a call for unity and transformation, saying, “Let us unite to transform Nigeria into a nation conducive to business, attractive to investment, safe and prosperous for all citizens. Together, we can make Nigeria a beacon of hope and progress in Africa and the world.”
This revelation follows the announcement by GlaxoSmithKline Consumer Nigeria Plc of plans to shut down its operations in the country, as disclosed in a statement filed with the Nigerian Exchange Limited and signed by the Company Secretary, Frederick Ichekwai.
Similarly, Jumia Food, the food delivery service of Jumia Technologies, announced plans to cease operations in Nigeria by December 2023 to focus on growing its core online retail business.
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