Opinion
Of Multinationals’ Exodus And Nigeria’s Economy
Nigeria, Africa’s largest economy, has witnessed a disturbing trend in recent years, as several prominent multinational corporations announced their departure from Nigeria, citing various reasons such as economic hardship, regulatory challenges, insecurity, and difficulty in accessing foreign exchange. This phenomenon is not without far-reaching implications for the nation’s economy, which demands careful consideration. Some of the companies that have left Nigeria include: LafargeHolcim, a Swiss-based cement company, which closed its operations in Nigeria in 2022 due to the challenging economic environment; ExxonMobil, an American oil company, announced its exit from Nigeria’s upstream sector in 2021, citing regulatory uncertainty and security concerns.
Shoprite, a South African retail company, was said to have closed its own operations in Nigeria in 2020 due to the harsh business environment. General Electric (GE), an American multinational, allegedly shut down its operations in Nigeria in 2019, over difficulties in accessing foreign exchange and the high cost of doing business in the country. Pfizer, an American pharmaceutical company, which closed its operations in Nigeria in 2018 based its decision on the challenging business environment, while Cadbury Nigeria, a British confectionery company, shut down its operations in Nigeria in 2017 due to the harsh economic conditions. Nokia, a Finnish telecommunications company, also closed its operations in Nigeria in 2016 due to the challenging business environment. The departure of these companies has significant implications for Nigeria’s economy. Firstly, it leads to job losses and a decline in economic activity.
We need not be told that the closure of these companies results in a significant reduction in government’s revenue, exacerbating the country’s fiscal challenges. The exit of multinationals in this magnitude undermines Nigeria’s attractiveness to foreign investors, a situation that can lead to a decline in foreign direct investment, which is critical to the country’s economic growth and development. In the light of this disturbing trend, the writer sees a need for urgent reforms to address the challenges facing businesses in Nigeria. The government must act swiftly to address issues such as access to foreign exchange, regulatory uncertainty, and the high cost of doing business in the country. Nigeria’s economic growth has been sluggish in recent years, and the exit of multinationals will only exacerbate the situation. The country’s GDP growth rate has been less than 3 percent in the past few years, and the exit of multinationals will only make it harder for the country to achieve its economic growth targets.
The manufacturing sector has been particularly hard hit by the exit of multinationals. The sector has been struggling due to the challenging business environment, and the exit of companies like LafargeHolcim and Cadbury Nigeria will only make things worse. What about the country’s trade balance? As a country which relies heavily on imports, the exit of companies like Shoprite and Nokia will not be funny at all. Of course, the rate of decline in the country’s foreign exchange earnings can only be imagined. Companies like ExxonMobil and GE were significant contributors to Nigeria’s foreign exchange earnings, and their exit will only make it harder for the country to earn foreign exchange.
This no doubt is a blow to Nigeria’s quest for diversification of its economy away from oil. The exit of companies like LafargeHolcim and Cadbury Nigeria will only make it harder for the country to achieve this goal. Howbeit, the multinationals’ exodus from Nigeria is a wake-up call for the government and stakeholders, for an urgent action is required to address the challenges facing businesses in the country and to create an environment that is conducive for investment and economic growth. The government must act swiftly to address the issues that led to the exit of multinationals. This includes addressing the challenges of accessing foreign exchange, regulatory uncertainty, and the high cost of doing business in the country.
Nigeria cannot afford to continue to rely on oil exports as its main source of revenue. The country must diversify its economy, and the exit of multinationals is a reminder of the urgent need for economic diversification. The exit of multinationals was a reminder that Nigeria’s economic growth is not guaranteed. The country must work hard to create an environment that is conducive for investment and economic growth. Thus, the multinationals’ exodus from Nigeria should be seen as a call to action for the government and stakeholders. The time to urgently address the challenges facing businesses in the country with a view to creating an enabling environment for investment and economic growth is now.
Sylvia ThankGod-Amadi
Opinion
Wike VS Soldier’s Altercation: Matters Arising
The events that unfolded in Abuja on Tuesday November 11, 2025 between the Minister of the Federal Capital Territory, Chief Nyesom Wike and a detachment of soldiers guarding a disputed property, led by Adams Yerima, a commissioned Naval Officer, may go down as one of the defining images of Nigeria’s democratic contradictions. It was not merely a quarrel over land. It was a confrontation between civil authority and the military legacy that still hovers over our national life.
Nyesom Wike, fiery and fearless as always, was seen on video exchanging words with a uniformed officer who refused to grant him passage to inspect a parcel of land alleged to have been illegally acquired. The minister’s voice rose, his temper flared, and the soldier, too, stood his ground, insisting on his own authority. Around them, aides, security men, and bystanders watched, stunned, as two embodiments of the Nigerian state clashed in the open.
The images spread fast, igniting debates across drawing rooms, beer parlours, and social media platforms. Some hailed Wike for standing up to military arrogance; others scolded him for perceived disrespect to the armed forces. Yet beneath the noise lies a deeper question about what sort of society we are building and whether power in Nigeria truly understands the limits of its own reach.
It is tragic that, more than two decades into civil rule, the relationship between the civilian arm of government and the military remains fragile and poorly understood. The presence of soldiers in a land dispute between private individuals and the city administration is, by all civic standards, an aberration. It recalls a dark era when might was right, and uniforms conferred immunity against accountability.
Wike’s anger, even if fiery, was rooted in a legitimate concern: that no individual, however connected or retired, should deploy the military to protect personal interests. That sentiment echoes the fundamental democratic creed that the law is supreme, not personalities. If his passion overshot decorum, it was perhaps a reflection of a nation weary of impunity.
On the other hand, the soldier in question is a symbol of another truth: that discipline, respect for order, and duty to hierarchy are ingrained in our armed forces. He may have been caught between conflicting instructions one from his superiors, another from a civilian minister exercising his lawful authority. The confusion points not to personal failure but to institutional dysfunction.
It is, therefore, simplistic to turn the incident into a morality play of good versus evil.
*********”**** What happened was an institutional embarrassment. Both men represented facets of the same failing system a polity still learning how to reconcile authority with civility, law with loyalty, and service with restraint.
In fairness, Wike has shown himself as a man of uncommon courage. Whether in Rivers State or at the FCTA, he does not shy away from confrontation. Yet courage without composure often feeds misunderstanding. A public officer must always be the cooler head, even when provoked, because the power of example outweighs the satisfaction of winning an argument.
Conversely, soldiers, too, must be reminded that their uniforms do not place them above civilian oversight. The military exists to defend the nation, not to enforce property claims or intimidate lawful authorities. Their participation in purely civil matters corrodes the image of the institution and erodes public trust.
One cannot overlook the irony: in a country where kidnappers roam highways and bandits sack villages, armed men are posted to guard contested land in the capital. It reflects misplaced priorities and distorted values. The Nigerian soldier, trained to defend sovereignty, should not be drawn into private or bureaucratic tussles.
Sycophancy remains the greatest ailment of our political culture. Many of those who now cheer one side or the other do so not out of conviction but out of convenience. Tomorrow they will switch allegiance. True patriotism lies not in defending personalities but in defending principles. A people enslaved by flattery cannot nurture a culture of justice.
The Nigerian elite must learn to submit to the same laws that govern the poor. When big men fence off public land and use connections to shield their interests, they mock the very constitution they swore to uphold. The FCT, as the mirror of national order, must not become a jungle where only the powerful can build.
The lesson for Wike himself is also clear: power is best exercised with calmness. The weight of his office demands more than bravery; it demands statesmanship. To lead is not merely to command, but to persuade — even those who resist your authority.
Equally, the lesson for the armed forces is that professionalism shines brightest in restraint. Obedience to illegal orders is not loyalty; it is complicity. The soldier who stands on the side of justice protects both his honour and the dignity of his uniform.
The Presidency, too, must see this episode as a wake-up call to clarify institutional boundaries. If soldiers can be drawn into civil enforcement without authorization, then our democracy remains at risk of subtle militarization. The constitution must speak louder than confusion.
The Nigerian public deserves better than spectacles of ego. We crave leaders who rise above emotion and officers who respect civilian supremacy. Our children must not inherit a nation where authority means shouting matches and intimidation in public glare.
Every democracy matures through such tests. What matters is whether we learn the right lessons. The British once had generals who defied parliament; the Americans once fought over states’ rights; Nigeria, too, must pass through her own growing pains but with humility, not hubris.
If the confrontation has stirred discomfort, then perhaps it has done the nation some good. It forces a conversation long overdue: Who truly owns the state — the citizen or the powerful? Can we build a Nigeria where institutions, not individuals, define our destiny?
As the dust settles, both the FCTA and the military hierarchy must conduct impartial investigations. The truth must be established — not to shame anyone, but to restore order. Where laws were broken, consequences must follow. Where misunderstandings occurred, apologies must be offered.
Let the rule of law triumph over the rule of impulse. Let civility triumph over confrontation. Let governance return to the path of dialogue and procedure.
Nigeria cannot continue to oscillate between civilian bravado and military arrogance. Both impulses spring from the same insecurity — the fear of losing control. True leadership lies in the ability to trust institutions to do their work without coercion.
Those who witnessed the clash saw a drama of two gladiators. One in starched khaki, one in well-cut suit. Both proud, both unyielding. But a nation cannot be built on stubbornness; it must be built on understanding. Power, when it meets power, should produce order, not chaos.
We must resist the temptation to glorify temper. Governance is not warfare; it is stewardship. The citizen watches, the world observes, and history records. How we handle moments like this will define our collective maturity.
The confrontation may have ended without violence, but it left deep questions in the national conscience. When men of authority quarrel in the open, institutions tremble. The people, once again, become spectators in a theatre of misplaced pride.
It is time for all who hold office — civilian or military — to remember that they serve under the same flag. That flag is neither khaki nor political colour; it is green-white-green, and it demands humility.
No victor, no vanquish only a lesson for a nation still learning to govern itself with dignity.
By; King Onunwor
Opinion
Ndifon’s Verdict and University Power Reform
Opinion
As Nigeria’s Insecurity Rings Alarm
-
Business3 days agoCBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation
-
Business3 days ago
Shippers Council Vows Commitment To Security At Nigerian Ports
-
Business3 days agoNigeria Risks Talents Exodus In Oil And Gas Sector – PENGASSAN
-
Business3 days agoFIRS Clarifies New Tax Laws, Debunks Levy Misconceptions
-
Sports3 days ago
Obagi Emerges OML 58 Football Cup Champions
-
Politics3 days agoTinubu Increases Ambassador-nominees to 65, Seeks Senate’s Confirmation
-
Business3 days ago
NCDMB, Others Task Youths On Skills Acquisition, Peace
-
Sports3 days agoFOOTBALL FANS FIESTA IN PH IS TO PROMOTE PEACE, UNITY – Oputa
