The 2023 Labour Party presidential candidate, Peter Obi, has outlined reasons behind the closure of foreign businesses in Nigeria, attributing the trend to what he describes as a negative medium to long-term prospects strategy, an unattractive investment profile, and a continuously deteriorating business environment. In response to the reported withdrawal of Procter & Gamble (P&G) from Nigeria, Obi emphasized the urgency for government intervention at all levels to reverse this pattern and retain key international investors,leadership reports.
In a series of posts on X (formerly Twitter) on Thursday, the former governor of Anambra State underscored the factors that make Nigeria unappealing to multinational companies. He highlighted the daily decline in the purchasing power of most Nigerians, the absence of the rule of law, and an unfavorable business environment as challenges that make it challenging to retain iconic companies, let alone attract new ones.
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Obi lamented the departure of GlaxoSmithKline (GSK) a few months ago and pointed out that the exit of P&G, a global leader in personal care and household products, echoed similar concerns about the perceived lack of growth anchored on productivity in Nigeria. He drew attention to the departure of other significant companies such as Sanofi-Aventis and Equinor, emphasizing the negative impact on job creation, research and development, and local talent development.
Highlighting the significance of iconic companies in signaling trust, confidence, and belief in the socio-economic prospects of a country, Obi stressed the need for an immediate reversal of the negative medium to long-term prospects strategy, enhancement of the investment profile, and improvement of the business environment. He urged the government to establish and actively engage in governance institutions, asserting that national greatness and development cannot thrive in an environment that discourages strategic international investors.
