APC Chieftain Urges Tinubu To Halt Continuous Exit Of Multinational Firms

A chieftain of the All Progressives Congress (APC), Olatunbosun Oyintiloye, has urged President Bola Tinubu to urgently consider halting multinational firms’ continuous exit to save Nigeria’s economy.

Oyintiloye made this known on Sunday while speaking to journalists in Osogbo, Osun State, following his observation of about eighteen companies that have exited Nigeria’s economic space, which has become more fragile due to inflation and currency devaluation.

However, he urged President Tinubu to intervene by halting the development to save the nation’s economy.

Oyintiloye emphasised the need to do everything possible to attract and retain more foreign investment in the country rather than allowing the ones in Nigeria exit in numbers.

The continuous exit of multinational firms in Nigeria, if not checked, could lead to a reduction in foreign investment inflows, massive job losses and reductions in economic output, he said.

Speaking to journalists, he recalled the recent exits of Kimberly-Clark, the makers of Huggies, GlaxoSmithKline Consumer Nigeria Plc, and Sanofi-Aventis Nigeria Limited, stating that such exits are a worrisome development for Nigeria.

He added that, in 2023, Unilever Plc stopped producing its “legendary” OMO, Sunlight, Lux Home, and skincare brands to cut costs and focus on higher growth opportunities.

According to him, the exits of these multinational companies affect not only the manufacturing sector but also the oil sector.

While addressing the dire situation, Oyintoleye cited no fewer than 26 oil companies and investors, including Shell, ExxonMobil, and ENI, that have pulled out and sold their stakes to local investors.

These companies left mainly because of heightened insecurity in the Niger Delta and the inability of the government to provide their counterpart funds to enable the joint venture agreements to explore and exploit new oilfields,” he added.

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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