Nigeria lost N95trillion in 5 years due to multinational companies exit- Obi

By Innocent Raphael

The presidential candidate of Labour Party in 2023 general elections, Peter Ob, on Monday said that Nigeria has suffered a financial loss of N95 trillion over the past five years due to the departure of multinational companies from the country.

Obi expressed concern over the exit of prominent companies such as GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, and Diageo. He noted that these companies have consistently cited similar reasons for their departure.

In a statement posted on X, Obi urged the Nigerian government to prioritize security, stabilize policies, and reduce energy costs to create a favorable environment for multinational companies.

He emphasized the need for a culture of transparency, accountability, and good governance to attract and retain foreign investments.

“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 last year alone, over ten multinational giants such as GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, and Diageo have exited Nigeria, citing eerily consistent reasons,” Obi wrote.

The former Anambra governor attributed the exit of the companies to issues in governance and leadership.

He called on the government to foster a business-friendly environment to encourage multinational growth and investment.

Obi concluded by stressing the potential for Nigeria to become a beacon of hope and progress in Africa and globally, provided the government implements necessary reforms to make the country conducive to business.