Prominent banker and founder of Stanbic IBTC, Atedo Peterside, has stated that investors who value tenets like rule of law, policy stability and economic order are increasingly moving their businesses out of Nigeria.
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In a social media post on Thursday reacting to recent exit by Procter & Gamble, Peterside lamented that only investors who can politically “partner” or exploit waivers stay.
The former Cadbury chairman noted that P&G’s planned shutdown of local manufacturing and adoption of import model aligns with a pattern of companies leaving due unfriendly policies, volatility, controls and other SYSTEMIC business challenges.
Peterside’s comments echo P&G’s 2023 risk outlook citing factors like conflicts, unrests, sanctions and economic crunch as reasons it may “de-consolidate” in countries it operates. The consumer goods giant had also cited forex scarcity, import barriers and depressed demand in explaining its exit.
Similarly, GSK, Sanofi and other multinationals have announced Nigerian divestments lately as operating environment worsens – with runaway inflation, weakening naira and declining regulations further repelling investors.
According to Peterside, this means Nigeria keeps losing reputable companies anchored on ethics, while attracting less scrupulous entities. The Stanbic IBTC founder insisted that the embattled Nigerian business climate continues to drive away serious foreign investors.
His comments amplifyreactions that have trailed P&G’s decision as stakeholders lament rising macroeconomic headwinds, regulatory challenges and policy inconsistencies that hurt Nigeria’s attraction as an investment destination under current administration.
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