Peter Obi laments as another foreign company close operations in Nigeria

• Peter Obi has maintained that Nigeria’s investment profile is in the negative under President Bola Tinubu’s government
• Obi made this assertion while reacting painfully as more firms are exiting Nigeria following low productivity and grappling economy
• The former governor of Anambra state opined that other manufacturing companies like Sanofi-Aventis and Equinor also bid farewell to the Nigerian market, and this he noted is a disturbing trend

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements

The flagbearer of the Labour Party (LP) in the 2023 presidential election, Peter Obi, have expressed serious worry as manufacturing companies closed their operations and exit Nigeria.

Peter Obi express concern for Nigeria as more companies depart

In a series of tweets posted on his X page (formerly Twitter) on Thursday, December 7, Obi lamented the exit of top global Pharmaceutical giant, GlaxoSmithKline (GSK) and makers of iconic brands, Procter & Gamble (P&G) from Nigeria.

According to the former governor of Anambra state, the manufacturing companies are departing because they perceived a decline in Nigeria’s economic growth and productivity.

The LP chieftain affirmed tough times are ahead with the recent developments.

Obi tweeted:

“A few months ago, I lamented the exit of one of the top global Pharmaceutical giants, GlaxoSmithKline (GSK) 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 (P&G), 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.

“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.”

Tinubu bought Atiku’s $100m INTEL shares? Presidency opens up

In another development, Legit.ng reported that President Tinubu has cleared the air on the controversy surrounding Atiku Abubakar’s $100 million INTELS shares.

In a statement issued on Sunday, December 3, the presidency explained in detail the termination of contracts between the Nigerian Ports Authority (NPA) and Integrated Logistic Services Nigeria Limited (INTEL Nigeria Limited) in 2020.

According to the presidency, the contract was terminated due to Nigeria’s annual revenue, which dropped from over $200 million to around $50 million after the termination.

Another foreign company to leave Nigeria, sells shares to local operator

Earlier, Legit.ng reported that Equinor Nigeria Energy Company (ENEC) has agreed with Chappal Energies to sell ENEC’s 53.85% ownership in the oil and gas lease OML 128.

According to a statement obtained from Equinor’s website, this includes the unitized 20.21% stake in the Agbami oil field, operated by Chevron.

The deal’s completion, however, according to the statement, is subject to regulatory approval.

Source: Legit.ng