GSK, P&G Exit: Businesses that Value Rule of Law Fleeing Nigeria — Peterside
An Economist and Founder of the Stanbic IBTC Bank, Mr. Atedo Peterside, has stated that businesses that value rule of law, policy consistency, macroeconomic stability and level playing field would continue to depart from Nigeria, saying only investors who know how to “partner” with politicians would stay.
Peterside’s sober and penetrating insights to the factors behind the trend where some multinational manufacturing concerns are shutting down operations and leaving the country followed the announcement by Procter &Gamble (P&G) to stop its manufacturing activities in Nigeria.
Peterside wrote on his X (Twitter) handle: “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.”
P&G is the third multinational to announce its exit from Nigeria after GlaxoSmithKline Consumer Nigeria Plc (GSK) and Sanofi-Avantis Nigeria Limited, had announced similar decisions.
