How to address exodus of IOCs from Nigeria — Peter Obi

Peter Obi, the 2023 presidential candidate of the Labour Party (LP), has proposed several solutions for the Federal Government to prevent the further departure of International Oil Companies (IOCs) from Nigeria.

In a series of tweets on his X handle on Monday, Obi highlighted that the primary reasons behind the exodus of these companies, despite their long-standing operations in the country, are largely governance-related issues.

Obi explained, “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 ten 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.

“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. These issues are not coincidental but symptomatic of a larger governance problem.

“Why are we not facing and solving these problems head-on? 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.

“This includes prioritizing security, stabilizing our policies, and reducing energy costs. We must also cultivate a culture of transparency, accountability, and good governance.

“We can build an economy that benefits all Nigerians, not just a privileged few. 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. A new Nigeria is possible.”

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