P&G, others exit from, negative for Nigeria -Peter Obi

Former Governor of Anambra State, Mr. Peter Obi, has regretted the exit from Nigeria of multinationals, warning that it would negatively effect the country.

The Labour Party, LP, presidential candidate in the February 25, poll, in a statement on Thursday, 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 15 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.

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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,” he added.

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