‘Nigeria lost over 15 multinationals in three years’

The nation has lost over 15 foreign businesses in the last three years to unfavourable environment, according to data from the Nigeria Employers’ Consultative Association (NECA).

The information added that over 20,000 workers had either divested or partially closed operations.

This, according to the body, has dire consequences not only for organised businesses, but also for labour, government revenue and households.

Last week, global brand, Procter & Gamble (P&G) announced its departure from Nigeria after GlaxoSmithKline had earlier announced its.

Other global brands like French pharmaceutical titan, Sanofi-Aventis and Norwegian energy leader, Equinor had divested.

Expressing the association’s reservations, the Director-General, Adewale-Smatt Oyerinde, noted that the divestments would seriously affect the Federal Government’s efforts to attract Foreign Direct Investment (FDI).

Equally, Director-General of Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, lamented how toxic the country’s operating environment is, thus encouraging relocation.

He said the number of jobs lost in the manufacturing sector rose to the highest in three years in the first half of 2023.

The MAN boss submitted that the country needed investments to create more jobs, explaining that what shapes a country is decisive by leaders to positively improve the lot of the citizenry.