Advantageous policies for existing investors – Peter Obi to the Nigerian government
[ad_1]
Former Labor Party presidential candidate Peter Obi has called on the Federal Government to create a favorable environment for foreign and domestic investors through the implementation of favorable fiscal and monetary policies.
Obi disclosed this in a statement on his official X account on Friday.
He lamented that the policies in place are displacing existing multinational companies and discouraging other foreign and local investors.
“Yesterday, I read the disturbing audit report of Nestlé Nigeria, which represents a huge loss in the history of the company in Nigeria.
“However, recent financial reports show that following the collapse of the Naira exchange rate against the US dollar, revenues have fallen by a third from 2014, to approximately $300 million, and to make matters worse, they are now at Profits have deteriorated significantly. Huge losses of approximately $70 million.
“What this sad result means is that it sends a message to other global companies about the challenges of doing business in Nigeria. home, and even domestic investors from setting up in the country.
“For this reason, I continue to stress that we must do everything possible to promote domestic production.
“Moreover, the best way to create jobs for our teeming youth is to create an environment that is easy and attractive for more multinational companies to invest in Nigeria. Rather, our policies will build on existing policies. I’m driving them away,” he wrote.
Mr. Obi, however, advised the government to move the country from consumption to production by creating a favorable environment that will encourage foreign and local producers to do business in Nigeria.
[ad_2]
Source: dailypost.ng