Peter Obi, the Labour Party Presidential candidate in the recently concluded 2023 elections, took to X(Twitter) to express deep apprehension over the departure of global giants multinational companies, citing reasons of stagnating productivity and an unattractive investment climate as primary causes.
Reports of multinational corporations like GlaxoSmithKline (GSK), Procter & Gamble (P&G), Sanofi-Aventis, and Equinor bidding farewell to Nigeria have raised concerns over the country’s economic prospects.
In his post, Obi highlighted the departure of GSK after 51 years of operations in Nigeria due to a perceived lack of growth anchored on productivity. Obi parallels P&G’s recent decision to exit the country for the same reasons.
P&G, renowned for household brands like Pampers and Gillette, had invested millions in a state-of-the-art supply chain structure in Agbara. Obi noted that it is now on the market for sale, signifying a stark shift in their strategic view of Nigeria.
He emphasized the significance of these corporate companies beyond mere economic ramifications. Obi stressed their role in job creation, fostering research and development, and nurturing local talents critical for global competitiveness.
Their exits, he warned, signal a deteriorating business environment and a decline in purchasing power, indicative of Nigeria’s diminishing investment appeal on the international stage.
He urges immediate government intervention at all levels to institute robust governance structures and foster an environment conducive to business growth.
He cautioned that Nigeria’s aspirations for national development and global standing would be severely compromised without a reversal in this trend.
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