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Peter Obi Laments Exit Of Multinational Companies From Nigeria

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.

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. 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.

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 business friendly Nigeria is possible. -PO

Peter Obi Laments Exit Of Multinational Companies From Nigeria

“Nigeria’s economy growing” – FG declares

The Bola Tinubu-led administration says Nigeria’s economy has shown significant growth, recording a 2.99% increase in the first quarter of 2024, surpassing the 2.3% growth rate of the same period in the previous year.

This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a performance review marking the first year of President Bola Tinubu’s administration on Tuesday, May 27.

Edun stated that growth demonstrates the effectiveness of President Tinubu’s economic policies. 

He noted that the agricultural sector, a cornerstone of the Nigerian economy, is experiencing marginal growth which is expected to play a pivotal role in combating inflation.

According to him, the favourable wet season harvest is anticipated to stabilize food prices, thereby alleviating one of the major pressure points on inflation.

“This growth in agriculture provides the monetary authority with the leverage needed to stabilize foreign exchange (FX) rates,” Edun explained.

“By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty,” he added.

Edun also made reference to significant improvements in revenue collection, which have allowed the government to service its debts without relying on the Central Bank’s Ways and Means advances—a practice that has previously raised concerns about fiscal discipline and inflation.
“Nigeria’s economy growing” – FG declares

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