Peter Obi, Labour Party’s presidential candidate in the 2023 general elections, has blamed governance failure for the exodus of multinationals from Nigeria.

In a series of tweets on Monday, Mr Obi said the exodus of multinational companies from Nigeria had cost the country N95 trillion in the past five years.

“These companies have highlighted the same problems across the board,” said Mr Obi. “It is clear these issues are not coincidental but symptomatic of a larger governance problem. Why are we not facing and solving these problems head-on?”

Citing national dailies, Mr Obi decried that GlaxoSmithKline, Equinor and eight other companies exited Nigeria over harsh economic policies and insecurity.

He said, “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.”

Mr Obi said tackling the issue would require creating a business-friendly environment to boost investment, innovation and growth.

He said, “This includes prioritising security, stabilising our policies and reducing energy costs. We must also cultivate a culture of transparency, accountability and good governance.

“We can build an economy that benefits all Nigerians. Let us unite to transform Nigeria into a nation conducive to business and attractive to investment.

“Together, we can make Nigeria a beacon of hope and progress in Africa and the entire world.”

(NAN)