By using this site, you agree to the Privacy Policy.
Accept
Xclusiveloaded NewsXclusiveloaded NewsXclusiveloaded News
  • Home
  • News
    • Politics
    • World
  • Entertainment
    • Music News
  • Exchange Rate
    • USD/NGN
    • EUR/NGN
    • GBP/NGN
    • CBN
    • BTC/NGN
    • BTC/USD
  • Business
    • Market
  • Technology
  • Sports
    • Football
    • Boxing
    • MMA
    • Basketball
    • Tennis
    • WWE
    • Other Sports
  • People
  • Lifestyle
    • Beauty
    • Relationship
    • Wellness
  • My Bookmarks
Reading: Exit of multinationals detrimental to Nigeria’s economy – Oyintiloye
Share
Notification Show More
Font ResizerAa
Xclusiveloaded NewsXclusiveloaded News
Font ResizerAa
  • Home
  • News
  • Entertainment
  • Exchange Rate
  • Business
  • Technology
  • Sports
  • People
  • Lifestyle
  • My Bookmarks
  • Home
  • News
    • Politics
    • World
  • Entertainment
    • Music News
  • Exchange Rate
    • USD/NGN
    • EUR/NGN
    • GBP/NGN
    • CBN
    • BTC/NGN
    • BTC/USD
  • Business
    • Market
  • Technology
  • Sports
    • Football
    • Boxing
    • MMA
    • Basketball
    • Tennis
    • WWE
    • Other Sports
  • People
  • Lifestyle
    • Beauty
    • Relationship
    • Wellness
  • My Bookmarks
Have an existing account? Sign In
Follow US
  • Privacy Policy
  • About Us
  • Contact Us
© 2024 Xclusiveloaded News. All Rights Reserved.
Xclusiveloaded News > Business > Exit of multinationals detrimental to Nigeria’s economy – Oyintiloye
Business

Exit of multinationals detrimental to Nigeria’s economy – Oyintiloye

Bryan Ula
Last updated: June 9, 2024 3:57 pm
Bryan Ula - Senior Reporter
12 months ago
Share
multinational companies in Nigeria 780x405
Multinational Companies in Nigeria | Xclusiveloaded News
SHARE

Nigeria’s economy may experience significant boost if the business environment is made conducive for multinational corporations. Olatunbosun Oyintiloye, a chieftain of the All Progressives Congress in Osun stated this in an address to journalists on Sunday.

Oyintiloye, who is also a former state House of Assembly member, lamented the successive exit of multinational corporations from Nigeria in recent time, while appealing to the nation’s president, Bola Ahmed Tinubu to address whatever it is that is pushing them away and put an end to the potential economic crisis that may befall the nation if the status quo persists.

Mr Olatunbosun Oyintiloye 680x365 c
Mr Olatunbosun Oyintiloye

According to the party chieftain, bolstering the economy to retain and attract investments, rather than witnessing an exodus of multinational companies was a necessity for the country’s business environment to thrive especially in the midst of a dwindling economy and consistent depreciation of the naira.

Oyintiloye highlighted the potential repercussions of multinational departures to include diminished foreign investment, extensive job losses and economic downturn. He further cited notable exits like Kimberly-Clark, the makers of Huggies, alongside GlaxoSmithKline Consumer Nigeria Plc and others, which have either fully or partially ceased operations for reasons that may not be publicly known.

He recalled that on May 31, Kimberly-Clark said it plans to stop local manufacturing and sales in Nigeria after 14 years of operation due to economic trends in the country and refocused corporate priorities globally.

Also, the former lawmaker recalled that in 2023, Unilever halted the production of its well-known OMO, Sunlight and Lux home and skin care brands to reduce costs and focus on higher growth opportunities.

He emphasised the wider effects and mentioned the fragility of the oil industry, pointing out that 26 oil corporations had sold their interests and divested because of worries about security in the Niger Delta and difficulties getting funding for joint ventures.

Although the former House of Assembly member acknowledged Tinubu’s efforts to stabilise the economy, he emphasized the urgency of addressing business environment hurdles cited by departing firms and urged the government to restore Nigeria as an attractive destination for multinationals.

He also emphasized on the empowerment of local manufacturing industries, proposing flexible foreign exchange policies, tax breaks and incentives as a gateway to retainiing existing investors while expressing optimism that with sustained efforts, the government’s economic revitalization initiatives would soon yield positive results for Nigerians.

He said, “There is no doubt that the president has been putting measures in place to revamp the economy, increasing foreign direct investment and also making local industries vibrant and competitive,” he said.

He added that there is the urgent need to address challenges causing the exit of the multinationals.

“Government should create a more flexible and transparent foreign exchange policy to address scarcity issues , reduce the inflationary trend which has reduced consumers’ demand and purchasing power, Create tax breaks, review economic and fiscal policy .

“The government should also look at how to give incentives to some of the multinationals that are still operating in the country”, he said.

Oyintiloye, however, said that with the various policies put in place by the president to revamp the economy, Nigerians would soon begin to smile.

You Might Also Like

Nigeria needs N5.5trn/yr to close its growing housing gap

ZENITH BANK’S GROWTH STRATEGY: N290b capital raise through rights issue and public offer

FG suspends import duty on maize, rice, wheat, others

100 Nigerian businesses gain visibility at Winnipeg Naija Trade Fair in Canada

British International Investment supports Nigerian SMEs with $50m commitment

TAGGED:Multinational CorporationsOlatunbosun Oyintiloye
Share This Article
Facebook Email Print
ByBryan Ula
Senior Reporter
Follow:
Bryan Ula is a journalist with four years of working experience in both broadcast and online media. He is a skilled digital marketer, public speaker and freelance content writer. He holds a B.Sc. in Mass Communication from Benue State University (BSU).
Previous Article forex Nigeria’s foreign exchange reserves increase to $32.8bn following 10-week decline
Next Article PhotoGrid Plus 1717948445974 “I can’t repeat some clothes” Mavin Record signee Magixx discloses his struggles with fame
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

about us

We are one of the best News website in Nigeria

  • News
  • Politics
  • World
  • Business
  • Market
  • Entertainment
  • Music News
  • People
  • Lifestyle
  • Relationship
  • Sports
  • Basketball
  • Boxing
  • Football
  • MMA

Find Us on Socials

© 2025 Xclusiveloaded News. All Rights Reserved.
  • Privacy Policy
  • About Us
  • Contact Us
adbanner
favicon
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?