Peter Obi, the presidential candidate of the Labour Party in the 2023 elections, has provided reasons for the reported exit of foreign businesses from Nigeria, specifically highlighting a negative medium to long-term prospects strategy, an unattractive investment profile, and a continuous deteriorating business environment as contributing factors.
Obi’s comments were in response to the announcement of Procter & Gamble (P&G), a multinational consumer goods company, pulling out of the Nigerian market. He urged government intervention at all levels to reverse the trend and retain strategic international investors.
In a series of social media posts, Obi emphasized the challenges faced by Nigeria in retaining multinational companies. He pointed to declining purchasing power, the absence of the rule of law, and an unfavorable business environment as deterrents for iconic companies. He cited the exits of GlaxoSmithKline (GSK), Sanofi-Aventis, and Equinor as examples of global companies leaving Nigeria due to perceived stagnation and lack of growth prospects.
Obi emphasized the significance of iconic companies in fostering trust, confidence, and belief in the socio-economic prospects of a country. He noted that their presence contributes to job creation, investments in research and development, and training for local talents.
Calling for immediate action, Obi urged the government to establish and actively engage institutions of governance to reverse the negative trend. He stressed that national greatness and development cannot be achieved in an atmosphere that scares away strategic international investors.
