Peter Obi, the 2023 Labour Party presidential candidate, revealed that Nigeria has suffered an economic loss of N95 trillion over the past five years due to the departure of multinational companies. He shared this alarming statistic on his X handle on Monday.
In the past year alone, more than ten major companies have exited the Nigerian market. These companies include:
- GlaxoSmithKline
- Equinor
- Sanofi-Aventis
- Bolt Food
- Procter & Gamble
- Jumia Food
- PZ Cussons
- Kimberly-Clark
- Diageo
Obi emphasized that these departures are not isolated incidents but reflect deeper governance issues within the country.
Obi stated, “The consistent reasons cited by these multinational giants for leaving Nigeria highlight systemic governance problems that need urgent attention.” He pointed out that addressing these issues is crucial for reversing the trend of businesses exiting the country.
Obi urged Nigerian leaders to take immediate action to create a more favorable business environment. He outlined several key areas for improvement, including:
– Creating a business-friendly environment
– Prioritizing security
– Stabilizing economic policies
– Reducing energy costs
– Promoting transparency, accountability, and good governance
Obi stressed the importance of uniting to transform Nigeria into a nation that is attractive for business and investment, safe, and prosperous for all citizens.
Specific Company Departures
GlaxoSmithKline Consumer Nigeria Plc: Announced plans to shut down its operations in Nigeria. The announcement was made in a press statement filed with the Nigerian Exchange Limited by Company Secretary Frederick Ichekwai.
Jumia Food: The food delivery service of Jumia Technologies announced it would cease operations in Nigeria and six other countries by the end of 2023. This move is part of a strategy to focus on its core online retail business.
Peter Obi concluded with a call for unity and transformation, saying, “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.”
