Atedo Peterside, President and founder of Anap Foundation, has disclosed that departing investors in Nigeria prioritize values such as the rule of law, policy consistency, macroeconomic stability, and a level playing field.
In a tweet from his official handle, Atedo Peterside expressed concern that high-quality investors are being partially replaced by those adept at partnering with politicians or exploiting the system through waivers and exemptions.
“Another way to look at this @ProcterGamble exit story from @thecableng is that multiple investors who cherish the rule of law, policy consistency, macroeconomic stability, a level playing field etc are running away from Nigeria. They are being “replaced” only partially by investors who know how to “partner” with politicians and/or game the system through waivers, exemptions etc,” he wrote.
Procter & Gamble (P&G), the American multinational consumer goods corporation, announced on Wednesday that it is discontinuing its manufacturing activities in Nigeria.
The company lamented that it is becoming increasingly difficult to do business in Nigeria due to issues with Dollar to Naira exchange values and issues with the macro-economic environment.
The Chief Financial Officer of the group, Andre Schulten, stated this during his presentation at the Morgan Stanley Global Consumer & Retail Conference.
He noted that the company would now focus on import activities only.
However, reacting to the development, the Presidency expressed sadness over the planned exit of the American multinational consumer goods corporation.
Reacting in a post via his X handle on Thursday, the Senior Special Assistant to President Bola Tinubu on Media and Publicity, Temitope Ajayi, said the news of the American firm leaving Nigeria is sad.
Ajayi said despite the development, hundreds of high-impacts local and multinational businesses are opening in Nigeria and operating in the same economy.
