In a bold statement at the Abuja Business and Investment Summit, Anambra State Governor Chukwuma Soludo asserted that Nigerian companies possess a greater willingness to take risks compared to foreign multinationals.
The summit, which took place on October 16, 2024, was organized by the Abuja Investment Company Limited and featured several dignitaries, including Nyesom Wike, the Federal Capital Territory Minister.
Soludo labeled the multinationals exiting Nigeria as “opportunistic” businesses. He explained that these firms jump from one country to another whenever they encounter challenges.
“They are very opportunistic, extremely opportunistic, with no emotions involved,” Soludo said.
He emphasized the need for the government to “derisk certain strategic investments” to encourage local businesses to thrive. According to him, Nigerian firms have the potential to drive economic growth if given the right environment.
“There is a philosophy of ‘Nigeria first’ that we must mainstream,” he added.
In recent months, several multinational companies have exited Nigeria, citing high operational costs and unfavorable economic conditions. Notable companies like Kimberly-Clark, Procter & Gamble, and Unilever have closed their operations, raising alarms about the investment climate.
Soludo’s comments come at a time when Nigeria is grappling with economic challenges, largely due to the government’s controversial policies, including the removal of fuel subsidies and unifying forex windows.
He noted, “If you see the companies that have pulled out of Nigeria, how many of them are national companies? None.”
Soludo believes that the oil and gas sector remains a crucial component of Nigeria’s economy. He urged the government to ramp up daily oil production to three million barrels to stabilize foreign exchange and support economic recovery.
“The oil and gas sector will remain the game-changer for Nigeria,” he stated.
He also expressed hope that stabilizing the foreign exchange and interest rates would make borrowing more accessible for businesses, thus promoting local investments.
Soludo called for a strategic approach to nurturing indigenous companies. He believes that the government should create an environment that encourages local businesses to grow, thereby reducing reliance on foreign firms.
“This will require us to intentionally nurture national champions for sustainability,” he stressed.
