Presidential flag bearer of the Labour Party, LP, Peter Obi, Thursday, lamented the rate at which top global companies are exiting the Nigerian market after years of operations.
According to Peter Obi, GlaxoSmithKline (GSK) left Nigeria when it no longer perceived growth anchored on productivity, for the same reasons Procter & Gamble (P&G) is exiting Nigeria.
The former Anambra governor in a tweet, said the presence of these global companies in any economy does not only signify trust and confidence but also massively creates jobs, invests in research and development.
The exit of these top global companies shows that Nigeria’s medium to long-term prospects strategy is in the negative, he said.
“Following this also are French pharmaceutical company Sanofi-Aventis, and top energy firm, Norwegian behemoth Equinor which has sold off its Nigerian business development associates fifteen years ago, P&G, as they are commonly called, viewed Nigeria as a strategic country of importance and invested millions of dollars in an ultra-modern chain supply structure in Agbara which, sadly, is now up for sale.
“The presence of these iconic companies in any economy is not only that they signify trust and confidence, as well as belief in the medium to long-term socio-economic prospects of such countries, but they massively create jobs, invest in Research and Development, as well as pieces of training which smaller players in the industry learn from and adapt. They help, to a great extent, to develop local talents for both local and global jobs.
“The exit of these top global companies shows that our medium to long-term prospects strategy is in the negative. Our investment profile is not attractive and our business environment is deteriorating continually.
“The purchasing power of most Nigerians is nose-diving every day. In the face of the absence of the rule of law, and a conducive business environment, it will be difficult to retain such iconic companies and talk more about attracting new ones.
“Governments at all levels in Nigeria must therefore take immediate steps to ensure that institutions of governance are put in place and actively engaging to show that the situation is reversed.
“National greatness and development cannot be pursued in an atmosphere that is scaring away strategic international investors.”
