Peter Obi raises alarm over exodus of multinationals from Nigeria

The Presidential Candidate of the Labour Party in the 2023 general election Peter Obi has expressed concerns at the growing number of Multinationals exiting the country due to the bad business climate.

Obi noted that the reasons being adduced by these departing firms after many years of operations in the country are similar and largely governance problems that require urgent attention to stem the tide

Writing in his X handle on Monday, the former Anambra State Governor said “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.