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, TRIBUNE ONLINE gathered, is the third 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.
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
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