Against the backdrop of the recent exit of multinational companies from Nigeria, a stalwart of the All Progressives Congress (APC), in Osun State, Olatunbosun Oyintiloye, yesterday urged President Bola Tinubu to wade in by halting the development to save the nation’s economy.
   
He emphasised the need to continue to do everything possible to improve the economy and attract more investments to the country, rather than for the ones operating within her territory to exit. Oyintiloye made the remarks while speaking with journalists in Osogbo, Osun State capital.
   
The former lawmaker, who represented Obokun State Constituency in the Osun State House of Assembly, said the continuous exit of multinational firms in Nigeria, if not checked, could lead to a reduction in foreign investment inflows, massive job losses and a reduction in economic output, among other challenges.
   
He noted that the recent announcement by Kimberly-Clark, the makers of Huggies, to exit the country is a worrisome development, just as he recalled that GlaxoSmithKline Consumer Nigeria Plc, French pharmaceutical company, Sanofi-Aventis Nigeria Limited and Procter and Gamble, among others, have shut down their operations fully or partially.
   
According to him, in 2023, Unilever stopped the production of its legendary OMO, Sunlight and Lux home and skincare brands in a bid to cut costs to concentrate on higher growth opportunities.
   
Oyintiloye, who observed that the exit of these multinational companies portends danger to the economy, said the development not only affects manufacturing alone, stressing that the oil sector was also affected.
   
He stated: “No fewer than 26 oil companies and investments pulled out and sold their stakes to domestic investors. These include influential oil mining multinationals such as Shell, ExxonMobil and ENI.  
   
“These companies left mainly because of heightened insecurity in the Niger Delta and the inability of the government to provide their counterpart funds to enable the joint venture agreements to explore and exploit new oilfields,” Oyintiloye remarked.