One of the frontrunner candidates and presidential flagbearer of the Labour Party in the 2023 presidential elections in Nigeria, Mr. Peter Obi has lamented the exits of companies like P&G, GSK and others from the Nigerian market.
The politician who took to his verified account on X to lay his complaints stated that the business atmosphere in Nigeria was scary and needed a quick fix from the government of the day.
“National greatness and development cannot be pursued in an atmosphere that is scaring away strategic international investors.” he tweeted.
He further clarified that it was exigent for government at all levels to take drastic steps to curb the declining economy of the Nigerian state.
“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.”
In a series of tweets, Mr. Obi explained what may have led to the big corporations leaving Nigeria and what the government can do to bring about a change. See excerpts of his tweets below.
His tweets have attracted reactions from Nigerians on the microblogging platform X. Below are some of the reactions:
Four months after the GlaxoSmithKline Consumer Nigeria Plc (GSK), took the decision to exit the Nigerian market, the Procter & Gamble (P&G), another multinational firm, has taken a decision to shut down its production lines and commence the exportation of its products into Nigeria.
This was announced recently by the Chief Financial Officer of P&G, Mr. Andre Schulten, at the Morgan Stanley Global Consumer & Retail Conference when he stated specifically that, “we have announced that we will turn Nigeria into an import-only market, effectively dissolving our footprint on the ground in Nigeria and reverting to an import-only model.”
Schulten, attributed the P&G’s decision exit Nigeria to the prevailing foreign exchange rate situation in the country, saying that Nigeria and Argentina were difficult to do business in because of macroeconomic environment.
