Founder of Stanbic IBTC Bank, Atedo Peterside, has said that Nigeria will witness the exit of more companies and foreign investors in the coming months.
The economist noted that businesses that value rule of law, policy consistency, macroeconomic stability and level playing field would continue to depart from Nigeria.
He stated that only investors who know how to “partner with politicians” would stay behind in Nigeria.
Peterside’s insights to the factors behind the trend where some multinational manufacturing concerns were shutting down operations and leaving the country followed the announcement by Procter &Gamble (P&G) to stop its manufacturing activities in Nigeria.
“Another way to look at this @ProcterGamble exit story is that multiple investors who cherish the rule of law, policy consistency, macroeconomic stability, a level playing field etc. are running away from Nigeria,” Peterside said on X (Twitter).
“They are being ‘replaced’ only partially by investors who know how to ‘partner’ with politicians and/or game the system through waivers, exemptions etc.”
P&G is the third multinational to announce its exit from Nigeria after GlaxoSmithKline Consumer Nigeria Plc (GSK) and Sanofi-Avantis Nigeria Limited, a French pharmaceutical company had announced similar decisions.
