Atedo Peterside explains why multinational companies are leaving Nigeria

Founder of Stanbic IBTC Bank, Atedo Peterside, has revealed cogent reasons investors are running away from Nigeria despite commitment by the President Bola Tinubu-led administration to woo them to partner with the country.

This comes shortly after Procter &Gamble (P&G) announced its exit from Nigeria.

P&G is the latest of the multinational to leave Nigeria after GlaxoSmithKline Consumer Nigeria Plc (GSK) and Sanofi-Avantis Nigeria Limited announced similar decisions, respectively.

Reacting, Peterside said businesses that value rule of law, policy consistency, macroeconomic stability, and a level playing field would continue to depart from 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.

“They are being ‘replaced’ only partially by investors who know how to ‘partner’ with politicians and/or game the system through waivers, exemptions, etc.,” he wrote on his verified X handle on Thursday.