Former presidential candidate of the Labour Party, Peter Obi, has said the exodus of major multinational companies from Nigeria was caused by bad leadership and poor policies.
Peter Obi said insecurity, poverty, inflation, forex, naira devaluation, high cost of energy and low purchasing power of the citizens were responsible for exodus of multinational companies from Nigeria.
Obi regretted that as companies move out of Nigeria, unemployment increases. He said government must take leadership and policy implementation seriously.
“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,” Obi said.
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The former governor of Anambra State said the multinational companies cited the same reasons in their statements. This, he said, showed that the companies’ exits were caused by governance problem.
These companies have highlighted the same problems across the board. It is clear 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. Tackling these issues requires creating a business-friendly environment that fosters investment, innovation, and growth,” he added.
The Labour Party chieftain called on President Tinubu to prioritize security, stablize policies and reduce energy cost to save companies and jobs. He also called on the government to cultivate culture of transparency and accountability.
“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,” he added.