Peter Obi, the Labour Party’s presidential candidate for 2023, has revealed that Nigeria has lost an estimated N95 trillion over the past five years due to the exodus of multinational companies. Obi shared this alarming statistic in a statement on his X (formerly Twitter) handle on Monday.
Obi expressed deep concern over the departure of more than ten major multinational companies within the last year, including 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,” Obi stated. “According to The New Telegraph, in the last year alone, over ten multinational giants have exited Nigeria, citing eerily consistent reasons.”
Peter Obi Calls for Urgent Review of 2024 Budget Amidst Security and Socio-Economic Concerns.
Obi emphasized that these departures are symptomatic of broader governance issues within the country. He called for immediate action from Nigerian leaders to halt this trend and address the underlying problems.
“The responsibility lies with our leadership, those we put in charge to urgently address these challenges,” Obi urged. He highlighted the need for improvements in creating a business-friendly environment, prioritizing security, stabilizing policies, and reducing energy costs. He also stressed the importance of transparency, accountability, and good governance.
Obi called for national unity and a concerted effort to transform Nigeria into an attractive destination for business and investment. “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,” he said.
This announcement comes on the heels of GlaxoSmithKline Consumer Nigeria Plc’s decision to shut down its operations in the country. The company disclosed its plans in a press statement filed with the Nigerian Exchange Limited, signed by the Company Secretary, Frederick Ichekwai. Similarly, Jumia Food announced its plans to cease operations in Nigeria by December 2023, as part of a strategy to focus on its core online retail business.
