“Governance Problem Is the Reason Why Multinationals Are Leaving Nigeria” – Peter Obi
Presidential candidate of the Labour Party in the last general election, Peter Obi, has sounded the alarm over the mass exodus of multinational companies from Nigeria, linking the exit of these firms to what he described as a governance problem.
Claiming that the closure of the multinationals has cost the nation ₦95 trillion in the past five years, Peter Obi asserted that their exit was “not coincidental but symptomatic of a larger governance problem.”
“Why are we not facing and solving these problems head-on?” the former Governor of Anambra State asked.
Obi emphasised that the responsibility lies with the country’s leadership to urgently address these challenges and create a business-friendly environment that fosters investment, innovation, and growth.
“This includes prioritizing security, stabilizing our policies, and reducing energy costs. We must also cultivate a culture of transparency, accountability, and good governance. We can build an economy that benefits all Nigerians, not just a privileged few.”
Nigeria, Africa’s most populous country, is witnessing what has been described as its worst economic challenges, from the exchange rate crisis to inflation at 33.2 percent, which has forced both local and multinational companies to pack up operations or revamp their business.
Since 2023, after Microsoft Corp announced the closure of its African Development Center in Lagos, Neusroom reported that at least eight big multinational companies have exited the country in the last year, citing various reasons, including unsustainable economic conditions.
