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Nigeria losses N95trn to multinational exit in 5 years – Obi

Former presidential candidate of Labour Party, Mr. Peter Obi, said Nigeria lost about N95 trillion to the exit of multinational companies from the country in the last five years.

Obi stated on his X handle that over 10 of such multinationals left the country last year alone.

He listed to companies to include GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, and Kimberly-Clark, Diageo and among others.

According to him, the multinationals cited harsh business climate, such as insecurity, high energy costs, poor business environment and inconsistent policies drive, as reasons for their exit.

“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?” 

He blamed the problem on leadership, and demanded that “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 prioritising 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 however, called for unity among the people “to transform Nigeria into a nation conducive to business, attractive to investment, safe and prosperous for all citizens,” adding, “Together, we can make Nigeria a beacon of hope and progress in Africa and the world.”

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Written by Jude Diugwu

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