The Labour Party’s (LP) nominee for president in 2023, Peter Obi, has outlined a number of measures the federal government should take to stop international oil companies from leaving Nigeria in the future.
After several years of activities in the nation, Obi revealed in a series of tweets on his X handle on Monday that the main causes of their departure were issues with government. He continued by outlining a few ways to continue their presence in the nation.
The worrisome departure of multinational corporations from Nigeria, which has cost our country an incredible N95 trillion in the last five years, is something Obi had to address. The New Telegraph claims that more than 10 global behemoths, including Diageo, PZ Cussons, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, Equinor, Kimberly-Clark, and GlaxoSmithKline, have left Nigeria in the past year alone, giving eerily similar explanations.
The reports that international companies are leaving Nigeria due to the unfavorable economic environment. According to The Guardian, businesses are forced to leave Nigeria due to insecurity and expensive energy expenses. According to the country, businesses leave Nigeria due to the unfavorable business climate and inconsistent policies. These businesses have all drawn attention to the same issues. These problems are indicative of a more serious governance issue rather than being random.
Why aren’t we tackling these issues head-on and finding solutions? Our leadership, the people we place in charge, has the duty to take immediate action to address these issues. “To address these problems, an atmosphere that is conducive to business and encourages investment, innovation, and expansion must be established.
This entails putting security first, maintaining policy stability, and cutting back on energy expenses. Additionally, we need to foster a culture of accountability, openness, and sound governance.
“We can create an economy that helps everyone in Nigeria—not just the wealthy. Together, let’s make Nigeria a safe, successful country that is welcoming to investment, business, and prosperity for all of its residents. “By working together, we can turn Nigeria into a global and African symbol of growth and hope. It is possible for Nigeria to change.
