Peter Obi Laments Over The Exit of Multinational Companies from Nigeria

Date: 08-12-2023 6:27 am (2 months ago) | Author: kacy lee
- at 8-12-2023 06:27 AM (2 months ago)
(f)

The Labour Party presidential candidate in the 2023 elections, Peter Obi, has once again decried the exit of multinational companies from Nigeria as Procter & Gamble, popularly known as P&G, has announced that it is winding down its on-ground presence in the country.

This is coming a few months after a British pharmaceutical company, GlaxoSmithKline, popularly known as GSK, exited the country.

Reacting to the development, the former Anambra State governor in a series of tweet on his X handle on Thursday evening wrote, “A few months ago, I lamented the exit of one of the top global Pharmaceutical giants, GlaxoSmithKline from Nigeria.

“GSK remains a top global pharmaceutical manufacturer and has had 51 years of operations in Nigeria. The reason for their exit was that there was no longer a perceived growth in Nigeria anchored on productivity.

“Today, Procter & Gamble, the world’s largest personnel care and household products company, makers of iconic brands like Pampers, Gillette, etc. is again leaving Nigeria, for the same reason GSK left.

“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.

“Fifteen 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.

“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.

“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.

“National greatness and development cannot be pursued in an atmosphere that is scaring away strategic international investors. -PO”








Posted: at 8-12-2023 06:27 AM (2 months ago) | Addicted Hero
- Dopybadass at 8-12-2023 06:45 AM (2 months ago)
(m)
Nigeria as a country is dead and dead completely,no sane person should invest and have hope of survival in this already dead country bought by APC hiden criminals
Posted: at 8-12-2023 06:45 AM (2 months ago) | Gistmaniac
Reply
- Kitomailo at 8-12-2023 08:24 AM (2 months ago)
(m)
Quote from: kacylee on  8-12-2023 06:27 AM

The Labour Party presidential candidate in the 2023 elections, Peter Obi, has once again decried the exit of multinational companies from Nigeria as Procter & Gamble, popularly known as P&G, has announced that it is winding down its on-ground presence in the country.

This is coming a few months after a British pharmaceutical company, GlaxoSmithKline, popularly known as GSK, exited the country.

Reacting to the development, the former Anambra State governor in a series of tweet on his X handle on Thursday evening wrote, “A few months ago, I lamented the exit of one of the top global Pharmaceutical giants, GlaxoSmithKline from Nigeria.

“GSK remains a top global pharmaceutical manufacturer and has had 51 years of operations in Nigeria. The reason for their exit was that there was no longer a perceived growth in Nigeria anchored on productivity.

“Today, Procter & Gamble, the world’s largest personnel care and household products company, makers of iconic brands like Pampers, Gillette, etc. is again leaving Nigeria, for the same reason GSK left.

“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.

“Fifteen 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.

“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.

“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.

“National greatness and development cannot be pursued in an atmosphere that is scaring away strategic international investors. -PO”







Posted: at 8-12-2023 08:24 AM (2 months ago) | Newbie
Reply
- Northrop at 8-12-2023 11:14 AM (2 months ago)
(m)
Good riddance - necessity is mother of inventions! These companies are only parasitic in nature and about time we developed our local capacity!!! These also show the myopic view of this Obifraud, instead of him to see the opportunity is this! The earlier Nigeria divest from Western parasitic institutions the better for us all! There will be paid but the gain will be bigger!!!
Posted: at 8-12-2023 11:14 AM (2 months ago) | Upcoming
Reply
- Northrop at 8-12-2023 11:16 AM (2 months ago)
(m)
Good riddance - necessity is mother of inventions! These companies are only parasitic in nature and about time we developed our local capacity!!! These also show the myopic view of this Obifraud, instead of him to see the opportunity is this! The earlier Nigeria divest from Western parasitic institutions the better for us all! There will be paid but the gain will be bigger!!! WHEN HE WAS GOVERNOR OF ANAMBRA, WHIC INTERNATIONAL INVESTOR OR COMPANY DID HE ATTRACT? OBI WEREY, the cheap clout chaser!!!
Posted: at 8-12-2023 11:16 AM (2 months ago) | Upcoming
Reply
- gogoman at 8-12-2023 12:11 PM (2 months ago)
Online (m)
peter obi my wife ass  Roll Eyes Roll Eyes Roll Eyes
Posted: at 8-12-2023 12:11 PM (2 months ago) | Grande Master
Reply

fire TRENDING GISTS fire

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