The 2023 Labour Party presidential candidate, Peter Gregory Obi has claimed that the exodus of multinational companies from Nigeria has cost our nation a staggering N95 trillion in the past five years.
The former Anambra state Governor made this claim today via his X-social media handle.
Obi expressed concern saying all is not well for over ten major companies in the last one year alone to exit the country, the companies which include; GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, and Diageo.
In his statement, Obi 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, and Kimberly-Clark, Diageo and others, have exited Nigeria, citing eerily consistent reasons.”
Lamenting on how can such lots of companies conspire and exit at the same time from a country, Obi explained, “It is clear these issues are not coincidental but symptomatic of a larger governance problem.”
While calling the attention of the authorities for immediate investigation, Obi saying Nigerian leaders must address the trend of multinational companies leaving Nigeria.
He added, “The responsibility lies with our leadership, those we put in charge to urgently address these challenges.”
Suggesting some areas for improvement for the government, Obi draws their attention to creating a business-friendly environment, prioritising security, stabilising policies, and reducing energy costs.
Most importantly he said, “Cultivating a culture of transparency, accountability, and good governance.”
He also called for unity and transformation, saying, “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.”
Recall that GlaxoSmithKline Consumer Nigeria Plc had announced plans to shut down its operations in the country.
The announcement was disclosed in a press statement and filed with the Nigerian Exchange Limited. It was signed by the Company Secretary, Frederick Ichekwai.
In a similar manner, Jumia Food, the food delivery service of the e-commerce company, Jumia Technologies, announced plans to shut down operations in Nigeria in December 2023.
Jumia said it will close its food delivery business in Nigeria and six other countries in which it operates by the end of the year to focus on growing its core online retail business.
