News

Exodus Of Multinational Companies Clearly Symptomatic Of Governance Problem – Obi

Published on June 24, 2024

The Presidential Candidate of the Labour Party (LP) Mr Peter Obi, has addressed the recent exodus of multinational companies from Nigeria, highlighting that the departure of these companies is a clear indication of underlying governance issues.

In a series of tweets posted today, Mr Obi noted that multinational companies leaving Nigeria reflects a lack of confidence in the country’s economic policies and regulatory environment.

Mr Obi stressed that all the companies leaving the nation have highlighted similar problems including and not limited to – a harsh business climate, high energy cost, and insecurity.

The LP flagbearer while questioning why these issues have not been properly addressed, noted that it is the responsibility of leadership and those in charge to urgently tackle the challenges.

Obi who was former governor of Anambra State, also called for urgent reforms to stabilize the economy and restore investor confidence. In his opinion, tackling the issue at hand requires creating a business-friendly environment that fosters investment, innovation and growth.

According to him, this move entails “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”.

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,
— Peter Obi (@PeterObi) June 24, 2024

Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, and Kimberly-Clark, Diageo and others, have exited Nigeria, citing eerily consistent reasons.
— Peter Obi (@PeterObi) June 24, 2024

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."
— Peter Obi (@PeterObi) June 24, 2024

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?
— Peter Obi (@PeterObi) June 24, 2024

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.
— Peter Obi (@PeterObi) June 24, 2024

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.
— Peter Obi (@PeterObi) June 24, 2024

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 (@PeterObi) June 24, 2024

Leave a Reply

More in News

News

Keyamo: Private Jet Operations Used for Drug Trafficking, Money Laundering

News

Nigeria Pledges to Align Efforts with Global Agenda to Eradicate Child Labour, Human Trafficking by 2025

News

Growth of Nigerian Economy Largely Depends on SMEs, Cash Flow Management

News

Democrats in Panic Mode After Biden’s Debate Performance, Trump Allies Claim Victory

News

Tinubu Approves Immediate Rollout Of National Construction And Household Support Programme

TrueTalk with Agnes

Today's Quote

Trending

Monday Perspective

Believing in an Unseen Christ

Family & Relationship

In Life, What Is More Important? Money Or Love?

Monday Perspective

Seeing Beyond The Surface

Family & Relationship

Who Cheats More? Men Or Women?

News

Man Struck Dead By Lightning While Trying To Save Children

Latest News

Imudia, The Former CEO Of Konga, Commits Suicide In His Lagos Home

Family & Relationship

ID Cabasa: “Marriage Is Not Designed To Give Happiness”

News

Biden, Trump face off at first debate with age and fitness in focus

News

NATO Appoints Dutch Prime Minister As Next Boss

News

Tinubu Expresses Support For Drug War

News

Yahaya Bello’s Lawyer Seeks To Abandon His Case

Family & Relationship

Sharon Ooja Finally Reveal Her Husband’s Face As They Tie The Knot

Living

God Is The Rock Of Ages And He Never Fails

News

Alleged NIMC Data Breach Under Probe, Says Minister

Contributors

Rose Ajieh

Sharon Ooja Finally Reveal Her Husband’s Face As They Tie The Knot

Okoli Nnamdi

Rejecting Power From 1999 Military Was A Mistake – Shehu Sani

Emmanuella Eboh

Keyamo: Private Jet Operations Used for Drug Trafficking, Money Laundering

Chychy Jonas

Lady Lands In Hospital After Vibrating S*x Toy Gets Stuck In Her Behind

Agnes Isika

God Is The Rock Of Ages And He Never Fails