The presidential candidate of the Labour Party in the 2023 general election, Peter Obi, has voiced his concern over the recent decision by multinational giant Procter & Gamble (P&G) to divest from Nigeria.
In his reaction to the development, the former governor of Anambra State lamented that the continuous departure of multinational companies from Nigeria signaled a deterioration of the country’s business environment.
Obi recalled his previous lamentation about the exit of GlaxoSmithKline (GSK), a top global pharmaceutical giant, and now, with P&G following suit, he highlighted the concerning trend. P&G, known for iconic brands like Pampers and Gillette, is the world’s largest personal care and household products company.
The former governor emphasized that the exit of such iconic companies was an indication that Nigeria’s medium to long-term prospects strategy was in a negative trajectory. He pointed out that the investment profile was unattractive, and the business environment was continually deteriorating. Obi cited the decline in the purchasing power of most Nigerians, the absence of the rule of law, and an unfavorable business environment as contributing factors.
Obi stressed the significance of these global companies in creating jobs, investing in research and development, and providing training that benefits smaller players in the industry. He urged governments at all levels in Nigeria to take immediate steps to establish governance institutions actively engaging in reversing the situation.
The statement also referenced Atedo Peterside’s earlier suggestion that investors leaving Nigeria were those who valued the rule of law, policy consistency, macroeconomic stability, and a level playing field. Peterside lamented that good investors were being partially replaced by those who knew how to navigate the political landscape or exploit the system through waivers and exemptions. Obi echoed similar sentiments, emphasizing the need for a conducive business environment to retain and attract strategic international investors for the nation’s growth and development.
