Peter Obi decries exit of multinational companies from Nigeria

The presidential candidate of the Labour Party in the 2023 election, Peter Obi has said exit of top multinational companies from Nigeria has cost the country N95trn in the past five years.

The former Anambra governor in a statement via the microblogging platform, x.com on Monday expressed concern over the exit of over ten major companies in 2023 alone, which he said includes GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, and Diageo.

“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.”

He said available reports show that “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.”

He stated that, “It is clear these issues are not coincidental but symptomatic of a larger governance problem.”

He charged the Nigerian government to address the issues saying, “The responsibility lies with our leadership, those we put in charge to urgently address these challenges.”

He emphasised the importance of “cultivating a culture of transparency, accountability, and good governance.

“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.”