Atedo Peterside, the founder of Stanbic IBTC Bank, has provided compelling arguments for why investors are fleeing Nigeria despite the government of President Bola Tinubu’s pledge to court them to become partners.
This occurs not long after Procter & Gamble (P&G) declared it would be leaving Nigeria.
Following the announcement of comparable choices by Sanofi-Avantis Nigeria Limited and GlaxoSmithKline Consumer Nigeria Plc (GSK), respectively, this is the third multinational to depart Nigeria.
In response, Peterside declared that companies that respect the rule of law, coherence in policy, macroeconomic stability, and equitable opportunities will keep leaving Nigeria.
“An alternative interpretation of the @ProcterGamble exit story is that numerous investors who value macroeconomic stability, rule of law, consistency in policy, equal opportunity, etc. are fleeing Nigeria.”
He posted on his verified X handle on Thursday, saying, “They are being’replaced’ only partially by investors who know how to ‘partner’ with politicians and/or game the system through waivers, exemptions, etc.”
