Exit of multinationals cost Nigeria N95trn in five years, says Peter Obi

By Seyi Babalola

Presidential candidate of the Labour Party in the 2023 election, Mr. Peter Obi has said that Nigeria has lost around N95 trillion as a result of multinational firms’ exodus from the country over the last five years.

Obi complained that corporations such as GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, Diageo, and others have left Nigeria, citing consistent reasons.

He asked the government to prioritize security, stable policies, and lower energy costs so that global corporations may thrive in Nigeria.

Posting on X, Obi advocated for a culture of transparency, accountability, and good governance.

He wrote: “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.”

The former Anambra governor attributed the exit of these major corporations to governance and leadership.

He asked the government to create a business-friendly atmosphere in which global corporations may thrive.

Obi urged unity among the people “to transform Nigeria into a nation conducive to business, attractive to investment, safe and prosperous for all citizens,” noting, “Together, we can make Nigeria a beacon of hope and progress in Africa and the world.”