In a statement posted on his X account, Obi lamented that the exits of huge global brands like P&G and GlaxoSmithKline represent fading confidence in the country’s economic prospects.
“The presence of these iconic companies signifies trust and belief in the medium to long-term socio-economic outlook of countries where they operate,” Obi stated, adding that “Their investments create jobs, spur innovation, and develop local talent.”
Obi explained that Nigeria’s crumbling rule of law and lack of reforms have damaged the business climate.
“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,” he said
He noted that P&G, maker of Pampers diapers and Gillette razors, invested heavily in local operations over the past 15 years but is now selling its state-of-the-art Agbara supply chain facility.
According to him, without changes, more flagship companies will follow them out the door.
He also noted that French pharmaceutical titan Sanofi-Aventis, and Norwegian energy leader, Equinor have already divested from the Nigerian market.
The loss of such giants and their contributions to growth, jobs and technology represents a major blow, he reiterated.
Obi urged swift government action at the federal, state, and local levels to reverse the deterioration of the business environment before even more household brands exit Africa’s largest economy.
“National greatness and development cannot be pursued in an atmosphere that is scaring away strategic international investors,” he concluded.
