‘Why’re we not solving problems’: Obi decries int’l companies exit

The Labour Party (LP) presidential candidate in the 2023 election, Peter Obi, has condemned the growing number of international companies exiting Nigeria.

Obi noted that the reasons adduced by the departing multinational firms after many years of operations in the country were similar and largely governance problems that require urgent attention to stem the tide.

The former governor of Anambra State said this in a statement on X on Monday, June 24, 2024.

He stated: “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.

“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.’

Obi to Nigerian leaders: Offer solution to challenges, not comparison

“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?

Obi, while calling for solutions to stop the companies from exiting the country, added: “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.

“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.”

The Star