Mr Olatunbosun Oyintiloye, a chieftain of the All Progressives Congress has appealed to President Bola Tinubu to stop the continued exit of multinational companies from Nigeria.
Oyintiloye, a former lawmaker, said that the continuous exit of multinational companies from the country, if not checked, could lead to reduction in foreign investment inflows. According to him, in 2023, Unilever stopped the production of its legendary OMO, Sunlight and Lux home and skin care brands in a bid to cut costs so as to concentrate on higher growth opportunities.“This include influential oil mining multinationals such as Shell, ExxonMobil and ENI.
He said that the inflationary pressure, lack of liquid foreign exchange, rising interest rates, electricity crisis, among others causing the exit of multinational companies must be quickly addressed. Oyintiloye also appealed to President to restore Nigeria as a haven for multinational industries and also empower the indigenous manufacturing industries.