Politics

Multinationals exit costs Nigeria N95trn in five years — Peter Obi

Published by

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.”

ALSO READ THESE TOP STORIES FROM NIGERIAN TRIBUNE 

 

Recent Posts

June 12: Zulum pardons 66 inmates, donates food, cash to 1,280 prisoners

According to him, the state pardon for 66 inmates was in line with the constitutional…

9 minutes ago

Delta: Police recover 16 AK-47 rifles, other weapons in five months

At least 16 AK-47 rifles and other weapons have been recovered in Delta State between…

15 minutes ago

Niger Delta: Stakeholders unite to drive inclusive petroleum industry act implementation

In a groundbreaking series of stakeholder engagements across the Niger Delta, communities, traditional leaders, civil…

29 minutes ago

Kano gov commends emergency agencies for averting tanker fire

Kano Governor, Abba Kabir Yusuf, has commended emergency agencies for their swift response in averting…

44 minutes ago

Kogi: Abducted 97-year-old monarch regains freedom

97-year-old Kogi monarch, the Obalohun of Okoloke, Oba James Dada Ogunyanda has regained his freedom…

1 hour ago

June 12: ZLP reaffirms unwavering commitment to building brighter future for Nigerians

Also, progress by promoting economic growth, social justice, and human development as well as accountability…

1 hour ago

Welcome

Install

This website uses cookies.