ENUGU, Nigeria (VOICE OF NAIJA) – Peter Obi, the Presidential Candidate of the Labour Party (LP) in the 2023 general election, expressed concerns over the departure of credible international firms from Nigeria, describing it as a negative sign for the nation.
Obi, the former Governor of Anambra State, shared his thoughts on this matter through his X handle on Friday.
He highlighted the significant impact of the exit of three global firms from the health and energy sectors, stating that it reflects the current state of affairs in our country.
“A few months ago, I expressed my disappointment regarding the exit of the international pharmaceutical giant, GlaxoSmithKline (GSK), from Nigeria. GSK, a leading global pharmaceutical manufacturer, had been operating in Nigeria for 51 years. Their departure was attributed to the lack of perceived growth in Nigeria based on productivity,” Obi said.
He continued, “Today, Procter & Gamble (P&G), the world’s largest personal care and household products company, known for iconic brands like Pampers and Gillette, is also leaving Nigeria for the same reason as GSK.”
“Furthermore, Norwegian energy company Equinor, a top player in the industry, has sold off its Nigerian business. These developments raise concerns,” Obi added.
Obi emphasized the significance of such iconic companies in any economy, as they represent trust, confidence, and a belief in the long-term socio-economic prospects of a country. They also contribute to job creation, invest in research and development, and provide training opportunities for smaller players in the industry.
“The departure of these global companies signifies a negative medium to long-term strategy, unattractive investment profile, and a deteriorating business environment in Nigeria. The declining purchasing power of Nigerians further exacerbates the situation,” Obi explained.
He urged the Nigerian government at all levels to take immediate action by establishing and actively engaging in governance institutions to reverse the current situation.
Obi stated, “In the absence of the rule of law and a conducive business environment, it will be challenging to retain such iconic companies, let alone attract new ones.”