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Exit of multinationals has cost Nigeria N95 trillion in 5 years — Obi

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Mr Peter Obi, the presidential candidate of the Labour Party in the last election has said the exodus of multinational companies from Nigeria has cost the nation a whooping N95 trillion in the past five years.

He made the shocking revelation in a statement posted on his official X handle on Monday.

The former governor of Anambra State expressed serious concern over the massive exit of over ten major companies in the last year alone, including GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, and Diageo.

Obi stated, “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, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, and Kimberly-Clark, Diageo and others, have exited Nigeria, citing eerily consistent reasons.”

While speaking on the nature of the problem, Obi said, “It is clear these issues are not coincidental but symptomatic of a larger governance problem.”

Meanwhile, Obi has called for immediate action from the federal government, saying Nigerian leaders must address the trend of multinational companies leaving Nigeria.

He said, “The responsibility lies with our leadership, those we put in charge to urgently address these challenges.”

Also, Obi outlined areas for improvement, including creating a business-friendly environment, prioritising security, stabilising policies, and reducing energy costs.

He also stressed the importance of “cultivating a culture of transparency, accountability, and good governance.”

Obi further called for unity and transformation, saying, “Let us unite to transform Nigeria into a nation conducive to business, attractive to investment, safe and prosperous for all citizens.

“Together, we can make Nigeria a beacon of hope and progress in Africa and the world.”

 

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