A former presidential candidate, Peter Obi, has raised concerns about the recent exodus of multinationals from Nigeria, saying the exit made the country lose N95 trillion in the last five years.
In a series of tweets on Monday on his official X account, the former Anambra governor described the exodus as “alarming”, saying “these issues are not coincidental but symptomatic of a larger governance problem”.
Citing media reports, Obi said the multinationals left the country due to poor business environment, high energy costs, insecurity and unsequenced government policies.
He, however, urged the federal government to provide a conducive environment for businesses to flourish. This, according to him, will stop the exit of multinationals.
“Tackling these issues requires creating a business-friendly environment that fosters investment, innovation, and growth,” Obi said.
“This includes prioritizing security, stabilizing our policies, and reducing energy costs. We must also cultivate a culture of transparency, accountability, and good governance,” the 2023 Labour Party presidential candidate said.
In the last year, at least 10 multinationals have left Africa’s most populous nation when the dollar-starved economy needs liquidity inflows in the form of foreign direct investment.
While some of these companies had left based on exchange rate crises and rising energy costs, others had limited their footprint in the country.
Multinational giants like GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, and Diageo among others have all exited within a year having spent a long number of periods operating in Nigeria.
Obi noted that despite the declining numbers of multinationals, Nigeria can still build a stronger economy by creating an environment that encourages businesses and investments.
“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,” Obi said.
