Nigeria lost N95tn in 5 years to exit of multinationals – Obi

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The presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Peter Obi, said the consequences of the exodus of multinationals from Nigeria cost the country N95 trillion in five years.

Obi stated this on his verified X handle on Monday.

He said companies like GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, Diageo and others had left Nigeria due to insecurity, high energy costs, poor business environment, and inconsistent policies, among others.

Citing media reports, the LP chieftain said: “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.”

He also said some other national dailies reported “Multinational firms exit Nigeria over harsh business climate,” “Insecurity, high energy costs force companies to leave Nigeria,” and “Poor business environment, inconsistent policies drive companies out of Nigeria.”

He added: “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, stabilising 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 offered hope saying a new Nigeria was possible and called on the citizens to come together and build a society where justice shall reign.

“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.”