Nigeria Moves to Stop Multinationals Exiting
… Pledges Trade Reform for Renewed Hope
By Patience Ikpeme
The federal government has started engaging Multinational companies in the country to find out why they are exiting the country.
Nigeria’s Trade and Investment Minister, Dr. Doris Nkiruka Uzoka-Anite, has expressed concern over the increasing exodus of multinational companies from the country and vowed to address underlying issues through policy reforms and improved business conditions.
Speaking at a Trade Dialogue in Abuja on Thursday, the Minister stated that “we are worried about the trend of multinationals exiting. We are actively engaging with them to mitigate the factors driving their departures and prevent job losses” the minister said.
Uzoka-Anite noted that the ongoing dialogues with multinationals is aimed at finding swift solutions to their concerns.
The Trade and Investment Minister outlined the government’s efforts to improve the business environment and attract investment.
She highlighted the importance of pending legislation like the Weight and Measures Bill, the Federal Produce Inspection Bill, and the National Export Promotion Zone Bill, all aimed at streamlining regulations and promoting industry growth.
“These bills, along with ongoing engagement with multinationals and the development of new policies, are critical tools in materializing President Tinubu’s vision of renewed hope,” the Minister asserted. She emphasized the administration’s focus on job creation, equal opportunities, and a level playing field for businesses.
Meanwhile, the World Bank, through its Country Director for Nigeria, Shubham Chaudhuri, reiterated the country’s immense economic potential, emphasizing the crucial role of trade in unlocking its full potential.
“Nigeria has the potential to be a giant on the global stage,” declared Chaudhuri. “But that potential won’t be realized unless Nigeria embraces international trade with confidence.” He encouraged Nigerian businesses to overcome their apprehensions and seize the opportunities trade presents.
Recognizing the internal obstacles hindering competitiveness, Chaudhuri acknowledged the need to address “impediments behind the border,” citing issues like unreliable power supply, poor infrastructure, and multiple roadblocks hindering interstate trade. He assured the Minister of the World Bank’s unwavering support in tackling these challenges and implementing effective trade policies.
