Peter Obi Laments As Top Manufacturing Company P&G Exits 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 to the exit of more firms from Nigeria following low productivity and grappling economy
- The former governor of Anambra state said manufacturing companies like Sanofi-Aventis and Equinor bid farewell to the Nigerian market, noting that this was a disturbing trend
Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.
Peter Obi, the flagbearer of the Labour Party (LP) in the 2023 presidential election, has expressed concern over manufacturing companies closing their operations and exiting Nigeria.
Source: Facebook
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.
Why companies are exiting Nigeria
According to the former governor of Anambra state, the manufacturing companies were departing because they perceived a decline in Nigeria's economic growth and productivity.
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The LP chieftain affirmed tough times are ahead with the recent developments.
"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."
Another foreign company to leave Nigeria, sells shares to local operator
Earlier, Legit.ng reported that Equinor Nigeria Energy Company (ENEC) 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.
However, according to the statement, the deal's completion is subject to regulatory approval.
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Source: Legit.ng
