Olatunbosun Oyintiloye, a chieftain of the All Progressives Congress , has urged President Bola Tinubu to address the challenges causing the exit of multinational companies.
He said in 2023, Unilever halted the production of its well-known OMO, Sunlight, and Lux home and skin care brands to reduce costs and focus on higher growth opportunities.The former lawmaker warned that the ongoing exit of multinational companies from Nigeria, if not addressed, could lead to a decline in foreign investment inflows, massive job losses, and a reduction in economic output, among other negative effects.
Oyintiloye said the exit of these multinational companies affects not only the manufacturing sector but also the oil sector.“These include influential oil mining multinationals such as Shell, ExxonMobil and ENI,” Oyintiloye said. He said the exit of these companies would also affect the value chain and decline in the growth of the country’s gross domestic product .Although the former lawmaker said the president is making every effort to stabilise the economy, there is an urgent need for the government to address the challenges in the business operating environment cited by the companies.