New Telegraph

February 26, 2024

Exit Of Investors From Nigeria, Bad Omen – Obi

The candidate of the Labour Party (LP) in the 2023 presidential election, Mr Peter Obi, on Friday, said the exit of credible international firms from Nigeria is a bad omen to the development of the country.

Obi in his X handle, noted that the departure of three global firms in the health and energy sectors says a lot about the state of affairs in the country.

The former Anambra State governor recalled that a few months ago, he lamented the exit of the international pharmaceutical giant, GlaxoSmithKline (GSK) from Nigeria.

He noted that “GSK remains a top global pharmaceutical manufacturer and has had 51 years of operations in Nigeria,” stating that the reason for the company’s exit showed that there was no longer any perceived growth in Nigeria anchored on productivity.

“Today, Procter & Gamble (P&G), the world’s largest personnel care and household products company, makers of iconic brands like pampers, gillette, etc, is again leaving Nigeria, for the same reason GSK left.

“Following this also are FMCG and top Energy firm, Norwegian behemoth Equinor which has sold off its Nigerian business.

“Fifteen years ago, P&G, as they are commonly called, viewed Nigeria as a strategic country of importance and invested millions of dollars in an ultra-modern chain supply structure in Agbara which, sadly, is now up for sale,” Obi regretted.

According to him, “The presence of these iconic companies in any economy is not only that they signify trust and confidence, as well as believe in medium to long-term socio-economic prospects of such countries, but they massively create jobs, invest in research and development, as well as pieces of training which smaller players in the industry learn from and adapt.”

He regretted that “the exit of these top global companies basically shows that our medium to long-term prospects strategy is in the negative, our investment profile is not attractive and our business environment is deteriorating continually. The declining purchasing power of Nigerians is nose-diving every day.

“In the face of the absence of the rule of law, and a conducive business environment, it will be difficult to retain such iconic companies and talk more about attracting new ones.”

The former LP candidate called on governments at all levels in Nigeria to take immediate steps to ensure that institutions of governance are put in place and actively engaging to show that the situation is reversed.

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