By Jude Opara, Abuja
The Presidential candidate of the Labour Party (LP) in the 2023 general election, Mr. Peter Obi has expressed concerns over the growing number of foreign companies leaving the country due to the unfavourable business environment.
A statement by Obi’s spokesman, Dr Yunusa Tanko on Monday said the former presidential candidate said the reasons being adduced by these departing multinationals after many years of operations in the country are similar and largely harsh economic policies of the government which he noted require urgent attention to stop the exodus.
The former Anambra State Governor said he was compelled to address the alarming exodus of multinational companies from Nigeria, because it has cost the nation a staggering N95 trillion in the past five years.
“According to The New Telegraph, in the last year alone, over 10 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”.
However, Obi who is also a businessman advised the government to immediately begin to create business-friendly environment, insisting that only such would stabilize the businesses and by extension the Nigerian economy.
“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”, he concluded.
