..Representing 20% of Nigeria’s GDP
…loss of over 100,000 Jobs
By Niyi Jacobs
Nigeria has suffered a staggering economic blow, losing a whopping N95 trillion in the past five years as 50 multinational companies (MNCs) have exited the country.
This mass exodus has left policymakers and stakeholders reeling, as they struggle to address the underlying issues driving this trend.
According to experts, the departure of prominent companies like Kimberly-Clark, Procter & Gamble (P&G), Unilever, and GlaxoSmithKline has not only resulted in substantial financial losses but also led to job losses and reduced economic activity.
“The exit of these multinationals has had a devastating impact on our economy,” said Dr. Emeka Okengwu, a leading economist. “The loss of N95 trillion is a significant blow, and we need to take urgent action to address the challenges driving this trend.”
The experts attribute the multinationals’ departure to various factors, including:
– Unstable regulatory environment and policy inconsistencies
– Declining consumer purchasing power due to high inflation, unemployment, and poverty
– Increasing operating costs, naira devaluation, and high interest rates
– Technological disruptions and competition from local firms
As Nigeria grapples with the consequences of this exodus, it is essential to address the underlying issues and create a more favorable business environment to attract and retain foreign investment.
The government needs to take decisive action to stabilize the economy, improve the business environment, and restore investor confidence,” said Dr. Okengwu.
With the country’s economy already facing significant challenges, the loss of N95 trillion and the departure of 50 multinationals is a wake-up call for policymakers to take urgent action to address the issues driving this trend