Peter Obi warns of N95 trillion loss in five years from multinational companies fleeing Nigeria


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Former presidential candidate of the Labour Party in the 2023 election, Mr. Peter Obi, has raised concerns about the economic impact of multinational companies leaving Nigeria, estimating the cost at N95 trillion over the past five years.

In a statement via on Monday, Obi highlighted the departure of over ten major companies in 2023 alone. These companies include GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, and Diageo.

“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,” Obi stated.

He noted that the consistent departure of these companies is symptomatic of a larger governance problem. “Available reports show that in the last year alone, over ten multinational giants have exited Nigeria, citing eerily consistent reasons,” he added.

Obi urged the Nigerian government to take immediate action, emphasizing the need for transparency, accountability, and good governance. “The responsibility lies with our leadership, those we put in charge to urgently address these challenges,” he said.

He called for a united effort to transform Nigeria into a business-friendly, investment-attractive, safe, and prosperous nation for all citizens. “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,” Obi concluded.


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