* Peter Obi
By Funso Alarape
Monday June 24, 2024
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The presidential candidate of the Labour Party, in the 2023 general elections, Peter Obi, has joined other Nigerians lamenting the exit of some multinational companies due to the present harsh economic condition in Nigeria and its dire consequences in all sectors of the economy.
He said the economy has been bled of N95 trillion as a result of these exits in the last five years.
The Labour Party Presidential candidate said the development called for action by the leadership who should work to halt and reverse the trend.
Recently, former member of the defunct All Progressive APC Presidential Campaign Council (PCC) and lawmaker, Olatunbosun Oyintiloye also appealed to President Bola Ahmed Tinubu to stop exit of multinational companies by providing an enabling environment for their operations.
The APC chieftain stated this when Guinness Nigeria became the latest of the multinationals to join a long list of multinationals like GlaxoSmithKline and Microsoft, that have left Nigeria, citing the harsh economic climate in the country.
The brewery company claimed it recorded a staggering N61.9 billion loss after tax between July 2023 and March 2024, just a few months after Mr. Tinubu floated the naira to unify the currency’s value on the official and parallel foreign exchange markets.
Guinness Nigeria’s N61.7 billion loss after tax in Q3 was a 1,000 percent decrease from the N5.9 billion profit generated in the same period last year leading Diageo, Guinness’ parent company, to sell its 58.02 percent majority stake to the Singaporean group
Obi who said this on his verified X handle said the exodus was alarming and required focused leadership to address.
His words: “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 said a media report stated 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 further said another national daily reported that “Multinational firms exit Nigeria over harsh business climate.”
The Labour Party Presidential candidate pointed out another national daily report that, “Insecurity, high energy costs force companies to leave Nigeria.” He said yet another said, “Poor business environment, inconsistent policies drive companies out of Nigeria.”
“These companies have highlighted the same problems across the board. 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.”
Obi who said a new Nigeria is possible enjoined Nigerians to join and build a society where justice reigns.
“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.”
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