Peter Obi laments as top manufacturing company P&G exit Nigeria

The flagbearer of the Labour Party (LP) in the 2023 presidential election, Peter Obi, have expressed serious worry as manufacturing companies closed their operations and exit Nigeria.

In a series of tweets posted on his X page (formerly Twitter) on Thursday, December 7, Obi lamented the exit of top global Pharmaceutical giant, GlaxoSmithKline (GSK) and makers of iconic brands, Procter & Gamble (P&G) from Nigeria.

According to the former governor of Anambra state, the manufacturing companies are departing because they perceived a decline in Nigeria's economic growth and productivity.

The LP chieftain affirmed tough times are ahead with the recent developments. Obi tweeted:

"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.

"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.

"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."