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Why Foreign Investors Are Leaving Nigeria – Peter Obi

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By Eric Elezuo

A former governor of Anambra State and Labour Party (LP) presidential candidate in the 2023 elections, Mr. Peter Obi, has given reasons foreign investors are shutting down their operations and leaving Nigeria.

He attributed the trend to a negative medium to long-term prospects strategy, unattractive investment profile and a continuous deteriorating business environment, among others.

Obi, who voiced his concerns in a series of tweets on his verified X account on Friday, tasked governments at all levels to take immediate steps towards reversing the trend and keeping strategic international investors in the country.

He said he is saddened to hear the news that multi-national consumer goods giant, Procter & Gamble (P&G), is leaving Nigeria.

The manufacturing conglomerate had announced a limited market portfolio restructuring which includes pulling out of Nigerian and Argentinian markets.

While reacting to the news, the former governor of Anambra State explained that Nigeria is scaring away multinational companies, at a time the purchasing power of most Nigerians nose-diving, the absence of the rule of law and lack of a conducive business environment, which ultimately makes it difficult to retain iconic companies let alone attract new ones.

“A few months ago, I lamented the exit of one of the top global pharmaceutical giants, GlaxoSmithKline (GSK) from Nigeria. GSK remains a top global pharmaceutical manufacturer and has had 51 years of operations in Nigeria,” Obi wrote.

“The reason for their exit was that there was no longer a perceived growth in Nigeria anchored on productivity.

“Today, Procter & Gamble (P&G), the world’s largest personnel care and household products company, makers of iconic brands like Pampers, Gillette, etc, is again leaving Nigeria, for the same reason GSK left.

“Following this also are French pharmaceutical company Sanofi-Aventis, and top Energy firm, Norwegian behemoth Equinor which has sold off its Nigerian business development associates.

“Fifteen years ago, P&G, as they are commonly called, viewed Nigeria as a strategic country of importance and invested millions of dollars in an ultra-modern chain supply structure in Agbara which, sadly, is now up for sale.

“The presence of these iconic companies in any economy is not only that they signify trust and confidence, as well as belief in the medium to long-term socio-economic prospects of such countries, but they massively create jobs, invest in Research and Development, as well as pieces of training which smaller players in the industry learn from and adapt.

“They help, to a great extent to develop local talents for both local and global jobs. The exit of these top global companies shows that our medium to long-term prospects strategy is in the negative.

“Our investment profile is not attractive and our business environment is deteriorating continually.

“The purchasing power of most Nigerians is nose-diving every day. In the face of the absence of the rule of law, and a conducive business environment, it will be difficult to retain such iconic companies and talk more about attracting new ones.”

“National greatness and development cannot be pursued in an atmosphere that is scaring away strategic international investors,” he added.

Recall that in August, pharmaceutical giant, GlaxoSmithKline packed up its businesses in the country with a promise to treat its staff fairly.

A statement to the effect, and signed by the Company Secretary, Frederick Ichekwai, stated in part, “In our published Q2 results we disclosed that the GSK UK Group has informed GlaxoSmithKline Consumer Nigeria PLC of its strategic intent to cease commercialization of its prescription medicines and vaccines in Nigeria through the GSK local operating companies and transition to a third-party direct distribution model for its pharmaceutical products.”

The company, whose primary activities include marketing and distribution of consumer healthcare and pharmaceutical products, said that its parent company, GSK Plc UK, had revealed its intent to cease commercialisation of its prescription medicines and vaccines through its Nigerian subsidiary.

A few days ago, the Chief Financial Officer of P&G, Mr. Andre Schulten, announced at the Morgan Stanley Global Consumer & Retail Conference that, “we have announced that we will turn Nigeria into an import-only market, effectively dissolving our footprint on the ground in Nigeria and reverting to an import-only model.”

Schulten, attributed the P&G’s decision exit Nigeria to the prevailing foreign exchange rate situation in the country, saying that Nigeria and Argentina were difficult to do business in because of macroeconomic environment.

He stated that, “the other reality that arises in some of these markets is that it gets increasingly difficult to operate and create U.S dollar value. So when you think about places like Nigeria and Argentina, it is difficult for us to operate because of the macroeconomic environment.

“So with that in mind, we are announcing a restructuring program with the intent to adjust operating model and adjust the portfolio to ensure that we maintain the portfolio discipline that has brought us to this point.

“The restructuring program will largely focus on Nigeria and Argentina. We’ve announced that we will turn Nigeria into an import-only market, effectively dissolving our footprint on the ground in Nigeria and reverting to an import-only model.”

He explained that Nigeria was a $50 million net sales business which would not make any significant marginal impact on the P&Gs overall portfolio worth $85 billion.

Mr. Peter Obi has been in the forefront of critiquing the policies of the President Bola Tinubu-led administration.

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Beware of ‘Full Blown Dictatorship, Dele Momodu Cautions Tinubu in New Letter

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By Eric Elezuo

Chairman, Ovation Media Group, Chief Dele Momodu, has again written an open letter to President Bola Tinubu, cautioning him against metamorphosis into full blown dictatorship.

As usual, Chief Momodu took the instrumentality of his social media handles to send his message to Tinubu, which is coming barely two after he wrote him the first letter bordering on the need to curtail his spendthrift attitude and embrace empowerment of Nigeria’s teeming youths.

In the letter titled Once Again, An Appeal to President Tinubu, Momodu outlined their days in the struggle for democracy against the military government, wondering why someone, like Tinubu, who had congregated and protested in the past, will turnaround today to say there will be no protest.

Momodu further blamed Tinubu for the present hardship in the country, accusing him of not knowing the difference between running Lagos as governor and running Nigeria as president.

“And let me be frank Sir. You caused it all. You did not realise that a country is much more complicated than a State,” he said, further accusing of having a stranglehold on Lagos for 24 years since he became governor in 1999.

Momodu advised that the proposed protest should be seen as a litmus test for the security agencies, especially as the Department of State Service (DSS), claimed they have unraveled the identities of those wishing to cause mayhem.

“But I’m reasonably assured that any potential threat can be contained and nipped in the bud, since our secret service claims to have discovered the sponsors of mayhem. Such people should be arrested speedily,” Momodu advised.

He finally advised Tinubu to seek friendly advice, and extricate himself from the ‘hawks’ surrounding him as they do not mean well for him.

It would be recalled that the country has been on edge since the masses vowed to embark on a 10-day protest over extreme hardship in the country, beginning from August 1, 2024.

Read Dele Momodu’s letter in full:

ONCE AGAIN, AN APPEAL TO PRESIDENT BOLA TINUBU…

Your Excellency,

For the second time within two weeks, I’m compelled to write you this epistle. As I write this, my mind goes back to my earliest recollection of you as a Senator of the Federal Republic of Nigeria. As a young journalist, you were everyone’s delight. The June 12 Presidential election annulment brought out the best in you as a pro-democracy figure. You spent money and time fighting the military. Our exile years were lived in constant fear and trepidation.
Fast forward Sir. We returned to Nigeria in 1998

You contested the Lagos State Governorship election in 1999, and pronto, you won. Since then, you have been in absolute control of a state described as the California of Africa, and possibly the sixth richest economy in Africa. Lagos is a country on its own…. I’m just trying to let you know that you’ve been a President in Lagos for 24 years before becoming the President of Nigeria.

Unfortunately, things have not been easy for Nigerians (except members of the privilegentsia) since you realized your lifelong ambition. And let me be frank Sir. You caused it all. You did not realise that a country is much more complicated than a State.

I’m sad and embarrassed that a fighter for Democracy is now saying Nigerians will not be allowed to congregate and demonstrate on the streets, something you and I enjoyed during the military regimes, at home and abroad.

I will never support anarchy, after engaging in peace initiatives in Sierra Leone, Liberia and The Gambia. But I’m reasonably assured that any potential threat can be contained and nipped in the bud, since our secret service claims to have discovered the sponsors of mayhem. Such people should be arrested speedily.

Please Sir, go back to your original friends in civil liberties and seek their assistance. Then, use this opportunity to test the strength, security architecture and combat readiness of our security agencies. Ignore the advice of the hawks in your team. They have nothing to lose since they are mostly beneficiaries of what others died for. Resist the temptations of full blown dictatorship…
You’re in my prayers as you bear this cross…

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Rotary International District 9112 Launches Coastal Restoration Initiative, Plants 1000 Coconut Trees in Lagos

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In a bid to promote its mission of improving the environment, Rotary International District 9112 on Sunday kicked off an environment-saving intervention tagged: Coastal Restoration Initiative at Westside Beach, Okun, Ajah, Lagos, where 1000 coconut trees were planted along the coastal shores of the Atlantic Ocean.

Speaking at the event, the Governor of Rotary International, District 9112 Rotarian Femi Adenekan, said the “initiative is conceived to save the environment as well as reduce the adverse effect of the climate change.”

According to him, “the environment is one of the main focus areas of Rotary International. We need to consciously come to the realization that we need to save our environment. We need to save ourselves. So that in the future, those that will come after us will have life.”

“People assume that the world belongs to them. They have forgotten that they are just tenants on the surface of the earth. If you try to change nature, nature will react, which is the reason we are having a lot of environmental damage in the world. Some of wrong human activities, such as throwing plastics and other items into water or where it ought not to be is causing us environmental challenges. If we don’t take care of our environment, the environment will react and take us out of the surface of the earth,” He said.

The chairman of the District 9112 Tree Planting Committee, Rtn. Gboyega Bada recommended the adoption of an “Every Rotarian Plant a Tree Every Year” policy and also indicated plans for Rotary International District 9112 to propose a Private Bill to the Lagos State House of Assembly to enable all Lagos Residents plant a tree every year for the next five years to address the challenges of climate change.

Rtn Bada stated that the vision of Rotary District 9112 on Tree Planting is to achieve a safer and cleaner environment by planting 10,000 seedlings of Coconut, Mango, Breadfruit, Avocado and other ralated crops that have economic, health and environmental benefits.

The event was well attended by Stakeholders in the Private and Public Sectors. Pan African Towers Ltd, Tolaram Group, Azeez Amida Foundation, Telenoetica Ltd, amongst others were well represented. Past District Governor Tunji Funsho led other Rotary Leaders to give their support. The DG’s wife Rtn Tayo Adenekan, the District Governor elect Rtn Lanre Adedoyin, General Manager of Lagos State Coconut Development Authority, Dapo Olakulehim and Lagos State Parks and Gardens Agency, Club Presidents and Rotarians from the 73 Clubs graced the occasion.

Also speaking at the event, one of the Guest Speakers, the world acclaimed horticulturist, Mr. Andrew Vale of Tolaram Group and The Lagos Free Zone, highlighted the importance of trees, saying; “planting trees improves air quality, reduces air pollution, and illnesses from air pollution. More so, plants produce oxygen and provide shelter, medicine, and many more.”

In his own special remarks, Chairman, LUFASI Park and DG Coconut Naija, Dr. Desmond Majekodunmi, said; “the basic fact about the environment is that whatever you sow, you shall reap. The environment will always treat you, the way you treat it.”

It is of note that the vision of District 9112 on tree planting for this year is to achieve a safer and cleaner environment through the planting of 10,000 seedlings of coconut, mango, breadfruit, avocado and other related crops that have economic, health and environmental benefits.

The event was witnessed and supported by main stakeholders in the industry, agencies and partners which included, Mr Dapo Olakulehin, General Manager, Lagos State Coconut Development Authority (LASCODA), Mr Andrew Vale of Tolaram Group, Channel Scott from Pan African Towers, Azeez Amida Foundation, Telenoetica, The Legend Lifeskills Foundation, Etam Avitat, Lagos State Parks and Gardens Agency (LASPARK) , presidents and members of various Rotary Clubs in District 9112 amongst others.

Rotary leaders who witnessed the event are PDG Tunji Funsho, PDG Kamoru Omotosho, PDG Omotunde Lawson among others.

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Protest: Oluwo Advises Tinubu to Dialogue with Opposition Leaders, CSOs, Labour Leaders, Students, Others

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The Paramount Ruler of Iwoland,His Imperial Majesty, Oba Abdulrosheed Adewale Akanbi, has called on President Bola Ahmed Tinubu to invite stakeholders for dialogue ahead of August 1st, 2024 planned protest.

Oluwo stated consultation is necessary to avert violent confrontation by inviting the stakeholders for national discourse.

He feared protest might be hijacked by hoodlums to steal and destroy public properties built by our collective patrimony. Oluwo said dialogue becomes reasonable when it’s embraced before protest. He called on Nigerians to learn from Endsars protest that got many properties built with public funds destroyed.

Oba Akanbi asked President Tinubu to extend the invitation to major political opposition parties leaders mostly the Peoples Democratic Party (PDP), Labour Party, labour union leaders, students’ unions, civil society organizations (CSO), notable traditional rulers and other stakeholders to discuss the state of the nation and collate more ideas to address the economic hardship.

Oluwo expressed strong conviction in patriotic opposition political parties leaders to honour such national conversation.

Oluwo affirmed the economic hardship and inflation are global, conveying the need to hold national talks with stakeholders to discuss solutions to the country’s challenges.

A statement released by Oluwo through his press secretary, Alli Ibraheem, reads “At this crucial moment of global economic challenge, Nigeria inclusive, I call on President Bola Ahmed Tinubu to convey a national dialogue most especially with the dog handlers comprising the opposition parties leaders, civil society organizations, labour leaders, students, traditional rulers and religious leaders”

“In a democratic setting,a peaceful protest is guaranteed provided some are not waiting somewhere to hijack it. Protest will not be advisable at this critical moment of tense global economic hardship”

“I’ve strong hope in the opposition leaders to honour national dialogue and contribute intellectual ideas to national development. No patriotic opposition leaders will want Nigeria to be destroyed”

“Even if a protest is held, we will resort to a round table discussion after the road show. Rather than allowing hoodlums to hijack and destroy the nation we are trying to construct, why not embrace dialogue? When we sit together and talk to each other, more virile approaches and solutions may be suggested for application. It will also provide an avenue for the government to reveal their plans in checkmating food crisis and manage the economy to our collective advantage ”

“Different bodies should have representative(s) at such gathering. Those willong to protest should appoint leaders. It shouldn’t be like endars protesters without leader. No harm will be done to them. As a traditional ruler and leader, I’m watching to ensure masses interests are protected and always ready to speak truth to power. Sincere protesters can reach out to notable traditional rulers”

“The inflation is killing. It’s a global phenomenon. I visited Saudi Arabia recently. Prices of goods have gone up acrosa the world. Even the rich are finding it difficult. Addressing the challenge should involve everyone to come together and discusss way forward”

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