Atedo Peterside, the founder of Stanbic IBTC Bank, has highlighted compelling reasons why investors are fleeing Nigeria, despite the President Bola Tinubu-led administration’s vow to entice them to cooperate with the country.
This comes shortly after P&G announced its withdrawal from Nigeria.
According to report, P&G is the third multinational to leave Nigeria, following GlaxoSmithKline Consumer Nigeria Plc (GSK) and Sanofi-Avantis Nigeria Limited.
In response, Peterside stated that businesses who value the rule of law, continuity in policy, financial stability, and a level playing field would continue to leave 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.
Another way to look at this @ProcterGamble exit story from @thecableng
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…— Atedo Peterside (@AtedoPeterside) December 7, 2023