Multinationals exit costs Nigeria N95trn in five years — Peter Obi

The presidential candidate of the Labour Party, in the 2023 general elections, Peter Obi, has decried the consequences of the exit of multinationals in various sectors of the economy.

He said the economy has been bled of N95 trillion as a result of these exits in the last five years.

The Labour Party Presidential candidate said the development called for action by the leadership who should work to halt and reverse the trend.

Obi who said this on his verified X handle said the exodus was alarming and required focused leadership to address.

His words: “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.”

Obi said media report stated that “In the last year alone, over ten multinational giants such as GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, and Kimberly-Clark, Diageo and others, have exited Nigeria, citing eerily consistent reasons.

He further said another national daily reported that, “Multinational firms exit Nigeria over harsh business climate.”

The Labour Party Presidential candidate pointed out another national daily reported that, “Insecurity, high energy costs force companies to leave Nigeria.” He said yet another said, “Poor business environment, inconsistent policies drive companies out of Nigeria.”

“These companies have highlighted the same problems across the board. It is clear 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, stabilising 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.”

Obi who said a new Nigeria is possible enjoined Nigerians to join and build a society where justice reigns.

“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 business friendly Nigeria is possible.”

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