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Sunday, December 10, 2023

We Need Each Other – President Tinubu Begs Multinational Companies Not To Leave Nigeria

This was as he said no obstacle was too big to be removed to make Nigeria a safe-haven for large-scale investments.

President Bola Tinubu on Thursday implored multinational companies operating in Nigeria that his administration was determined to remove all bottlenecks to the smooth running of their businesses.

This was as he said no obstacle was too big to be removed to make Nigeria a safe-haven for large-scale investments.

“We are very focused on resolving all investment-related issues. There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large-scale investment in all key sectors.

“We need each other,” the President told a visiting delegation of the management of Shell Group led by its Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, at the State House, Abuja.

In a statement signed Friday by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu expressed confidence in the potential for increased investment from Shell Petroleum Development Company of Nigeria.

Emphasising Nigeria’s longstanding ties with Shell, which date back to the discovery of the country’s first commercial oil field in 1956, the President assured the Shell delegation of his administration’s commitment to securing and fostering both existing and new investments.

“We have made progress since our last meeting. I will continue to support and encourage you on this path.

“There is no doubt that there is a significant focus on investment in and around the continent. I am spearheading Nigeria’s global march for new investments at home.

“In view of our long-term relationship that has been established over the years, we want you to do more, and we are ready to encourage you in every way possible,” he added.

The President’s remarks followed the recent exodus of several multinational companies from the country in the past months.

SaharaReporters had on Thursday reported that the presidential candidate of the Labour Party in the last general elections, Peter Obi, decried the exit of multinational companies from Nigeria, with the latest one coming from Procter & Gamble (P&G).

The world’s largest personnel care and household products company, makers of iconic brands like Pampers, Gillette among others had on Tuesday announced its plans to transition from local production to solely importing its products as it winds down its on-ground presence in Nigeria.

Reacting to the announcement for the exit of P&G, the former governor of Anambra State said that the exit of multinational companies in Nigeria showed that the country’s medium to long-term prospects strategy was in the negative.

James Mackreides
James Mackreides
'Mac' is a short tempered former helicopter pilot , now a writer based in Sofia, Bulgaria. Loves dogs, the outdoors and staying far away from the ocean.

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