• Saturday, July 13, 2024
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How to stem exodus of multinational firms from Nigeria — Obi

Peter Obi laments low life expectancy in Nigeria, calls for healthcare reforms

…Says N95trn lost to exit of multinationals in 5yrs

Peter Obi, president candidate of the Labour Party (LP) in the 2023 general election, on Monday, suggested ways Nigeria could tackle the exit of multinational companies from the country.

The former Anambra State governor made the suggestions on his X handle.

According to Obi, the exodus of multinational companies from Nigeria has cost the nation N95 trillion in the past five years.

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Obi said that tackling the trends would require creating a business-friendly environment that would boost investment, innovation and growth.

“This includes prioritising 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. Let us unite to transform Nigeria into a nation conducive to business and attractive to investment.

“Together, we can make Nigeria a beacon of hope and progress in Africa and the entire world,” he said.

Adewale Oyerinde, the director-general of Nigeria Employers’ Consultative Association (NECA), in a recent parley with the media, also lamented the continuous exit of multinational companies from Nigeria and its dire consequences on economy and job creation.

Oyerinde noted that the consequences of the massive job losses across sectors would continue to create insecurity challenges and increase the occurrence of child labour, among others.

“It is worrisome to note that in the last three years, over 15 organisations with a combined value-chain staff strength of over 20,000 employees have either divested or partially closed operations.

“This has dire consequences not only for organised businesses but also for labour, government revenue and the households,” he noted.

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“The consequences of these massive job losses across sectors will continue to create insecurity challenges, increase the occurrence of child labour (as children will be forced to become breadwinners), adversely affect the disposable income of families, erode the purchasing power of individuals and drastically reduce economy’s output,” the NECA warned.

Among the companies that have shut down operations or exited Nigeria are Kimberly-Clark, Mayor Biscuits Company Limited (MABISCO), Louis Carter Industries, Procter & Gamble, Moak Enterprises, Tower Aluminium, GlaxoSmithKline Nigeria, Technoflex Company Limited, Evans Medicals,

Other companies that have shut down include Surest Foam Limited, Mufex, Framan Industries, Deli Foods, Stone Industries, and MZM Continental.