A chieftain of the All Progressives Congress (APC) in Osun State, Olatunbosun Oyintiloye, has expressed concern over the recent departure of multinational corporations from Nigeria. Speaking in Osogbo, Oyintiloye urged President Bola Tinubu to strengthen the economy to retain and attract investors.
Oyintiloye highlighted the potential negative impacts of these exits, such as reduced foreign investment, significant job losses, and economic decline. He pointed to notable departures, including Kimberly-Clark, makers of Huggies, and GlaxoSmithKline Consumer Nigeria Plc, which have either fully or partially ceased operations.
While acknowledging Tinubu’s efforts to stabilize the economy, Oyintiloye emphasized the need to address the business environment challenges cited by departing firms. He proposed measures such as flexible foreign exchange policies, tax breaks, and incentives to retain existing investors and attract new ones, aiming to restore Nigeria as an appealing destination for multinationals and bolster local manufacturing industries.