How Nigeria lost N95trn after exit of multinational companies – Peter Obi

Peter Obi, a former presidential candidate for the Labour Party (LP), claimed on Monday that Nigeria had lost N95 trillion over the last five years due to the departure of multinational corporations.

Obi lamented the departure of numerous corporations from Nigeria, citing consistent causes, including GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, Diageo, and others.

In order for international corporations to succeed in Nigeria, he pleaded with the government to put security first, maintain policy stability, and lower energy costs.

Sharing on X, Obi advocated for good government, accountability, and openness in society.

He wrote: “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.”

The former governor of Anambra attributed the departure of these global corporations to poor leadership and governance.

He asked the government to foster an atmosphere that is conducive to business so that global companies can grow.

Obi also urged the Federal Government to make Nigeria business- and investment-friendly.

He emphasised that Nigeria can potentially lead Africa and the world as a symbol of progress and hope.

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