Peter Obi: Nigeria Lost N95 Trillion After Multinational Companies Exited

Former Labour Party, LP, presidential candidate, Peter Obi, on Monday said Nigeria has lost N95 trillion in the past five years to the exodus of multinational companies from the country.

Obi lamented that companies like GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, Kimberly-Clark, Diageo and others have exited Nigeria, while citing consistent reasons.

He urged the government to prioritize security, stabilize policies, and reduce energy costs as a way for multinational companies to strive in Nigeria.

Posting on X, Obi called for a culture of transparency, accountability, and good governance.

He wrote: “I am compelled to address the alarming exodus of multinational companies from Nigeria, which has cost our nation a staggering N95 trillion in the past five years. According to The New Telegraph, in the last year alone, over ten multinational giants such as GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, Jumia Food, PZ Cussons, and Kimberly-Clark, Diageo and others, have exited Nigeria, citing eerily consistent reasons.”

The former Anambra governor blamed the exit of these multinational companies on governance and leadership.

He urged the government to create a business friendly environment for multinational companies to grow.

Obi further called on the Federal Government to transform Nigeria into a nation conducive to business, attractive to investment.

He pointed out that Nigeria can become a beacon of hope and progress in Africa and the world.