Peter Obi: Multinational Exits Cost Nigeria N95 Trillion in Five Years

• Peter Obi highlighted the economic impact of multinational companies leaving Nigeria, costing the nation N95 trillion in five years
• He urged leadership to create a business-friendly environment by addressing security, policy stability, and reducing energy costs

Peter Obi, the Labour Party presidential candidate in the 2023 general elections, has highlighted the severe economic impact of multinational companies leaving Nigeria. He revealed that these exits have drained the economy of N95 trillion over the past five years.

Sharing his concerns on his verified X handle, Obi emphasized the urgent need for leadership to address and reverse this alarming trend. “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,” he stated.

He pointed out that in the past year alone, over ten multinational giants, including GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, and Diageo, have left Nigeria, citing consistent reasons. Media reports attribute these exits to a harsh business climate, insecurity, high energy costs, and inconsistent policies.

Obi stressed that these issues indicate a larger governance problem that needs immediate attention. “These companies have highlighted the same problems across the board. These issues are not coincidental but symptomatic of a larger governance problem. Why are we not facing and solving these problems head-on?” he questioned.

He urged the leadership to create a business-friendly environment to attract investment, foster innovation, and promote growth. This includes prioritizing security, stabilizing policies, reducing energy costs, and cultivating a culture of transparency, accountability, and good governance.

“We must build an economy that benefits all Nigerians, not just a privileged few,” Obi asserted. He called on Nigerians to unite to transform the nation into a conducive environment for business and investment, making it 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,” he concluded.