Peter Obi Tells Tinubu How To Stop Exodus Of Multinationals

The Presidential Candidate of the Labour Party (LP) in the 2023 general elections, Peter Obi, has sounded the alarm over the growing number of multinational companies exiting Nigeria due to the country’s unfavorable business environment. Obi expressed his concerns in a series of tweets on Monday, highlighting the urgent need for governance reforms to stem the tide.

According to Obi, the departing firms, including giants like GlaxoSmithKline, Equinor, and Diageo, have cited consistent reasons for their exit, including harsh business climate, insecurity, high energy costs, and poor policy consistency. He noted that these issues are not coincidental but rather symptomatic of a larger governance problem.

Obi emphasized that the responsibility lies with the country’s leadership to address these challenges head-on, creating a business-friendly environment that fosters investment, innovation, and growth. He stressed the need for prioritizing security, stabilizing policies, reducing energy costs, and cultivating a culture of transparency, accountability, and good governance.

The former Anambra State Governor lamented the staggering N95 trillion loss to the nation in the past five years due to the exodus of multinational companies. He called for unity to transform Nigeria into a nation conducive to business, attractive to investment, safe, and prosperous for all citizens.

See his post below;

GWG.ng reports that Peter Obi statement comes after Shoprite Mall announced its intention to close one of its Abuja branches from June 30, 2024

However, Obi’s tweets have sparked a renewed call to action, urging the government to take decisive steps to address the governance issues driving away multinational companies and hindering Nigeria’s economic growth.
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