Edun, however, assured Nigerians that the goverment is working on the economic and investment climate to attract more multinationals
By Kehinde Okeowo
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has blamed lack of “liquid foreign exchange market” for the exit of multinational companies from Nigeria.
He made this known yesterday while featuring on Channels Television programme, ‘Sunday Politics’.
TheNiche had earlier reported that multinational companies such as Procter and Gamble (P&G), GlaxoSmithKline (GSK), Unilever, Sanofi-Aventi (manufacturer of Huggies and Kotex brands of diapers) and Kimberly-Clark left the country in the last one year.
The companies cited high energy cost and currency depreciation for their actions.
Speaking on the loss of the big companies and subsequent job loss, the minister concurred with the multinationals.
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He, however, assured Nigerians that the government is working on the economic and investment climate to attract more multinationals into the country.
He also said a proposal that will improve the current harsh business environment and make things easier for both local and foreign manufacturers in the country is in an “Economic Stabilisation Package” before the President Bola Tinubu.
Addressing the exits during the interview, Edun said, “One of the major drawbacks for them (exiting multinationals) was they did not have a liquid foreign exchange market.
“Companies will always come and go, of course, our aim is to not only keep them but to have them even more coming to invest, and we are sure that with the environment that we put in place, they will come.
“We are in a difficult place, so every single day, every single month, we are looking at an improved economic situation for Nigeria.”