The Presidential Candidate of the Labour Party (LP) Mr Peter Obi, has addressed the recent exodus of multinational companies from Nigeria, highlighting that the departure of these companies is a clear indication of underlying governance issues.
In a series of tweets posted today, Mr Obi noted that multinational companies leaving Nigeria reflects a lack of confidence in the country’s economic policies and regulatory environment.
Mr Obi stressed that all the companies leaving the nation have highlighted similar problems including and not limited to – a harsh business climate, high energy cost, and insecurity.
The LP flagbearer while questioning why these issues have not been properly addressed, noted that it is the responsibility of leadership and those in charge to urgently tackle the challenges.
Obi who was former governor of Anambra State, also called for urgent reforms to stabilize the economy and restore investor confidence. In his opinion, tackling the issue at hand requires creating a business-friendly environment that fosters investment, innovation and growth.
According to him, this move entails “prioritizing security, stabilizing our policies, and reducing energy costs. We must also cultivate a culture of transparency, accountability, and good governance. We can build an economy that benefits all Nigerians, not just a privileged few”.
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,
— Peter Obi (@PeterObi) June 24, 2024
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