Former Presidential candidate of the Labour Party, Mr Peter Obi has urged the Federal Government to create an environment conducive for foreign and local investors through favourable fiscal and monetary policy implementation.
Obi disclosed this in a statement on his official X account on Friday.
He lamented that the policies in place are chasing existing multinational companies away and discouraging other foreign and local investors.
“Yesterday, I read the disturbing audited report of Nestle Nigeria, which represented a huge loss in the company’s history in Nigeria.
“In their recent financial report, however, following the collapse of the naira exchange rate to the dollar, their revenue has gone down to a third of what it was in 2014, about $300 million, and worse still, they have now gone into a huge loss of about $70 million.
“The implication of this sad result is the message it sends to other such global companies about the challenges of doing business in Nigeria. It shows how our business environment is deteriorating continually, thereby discouraging other foreign, and even local investors, from establishing in the country.
“This is why I continue to emphasize that everything must be done to encourage production in the country.
“Moreover, the best way to create employment for our teeming youth is by creating an environment conducive and attractive for more multinationals to invest in Nigeria. Instead, our policies are chasing away the existing ones”, he wrote.
Obi, however, advised the government to move the country from consumption to production by building a good environment that will encourage foreign and local production companies to do business in Nigeria.