The recent exodus of multinational companies from the Nigerian economy raises serious concerns about the future of the country. The Organized Private Sector (OPS) in Anambra State has warned of the imminent risk of a default on Nigeria’s sovereign debt, illustrating the dire consequences of this worrying trend.
In a conference organized by Fatshimetrie, experts highlighted the negative impact of this migration of international companies on Nigeria’s economy. According to their estimates, the country has already lost over N98 trillion due to this alarming situation. This flight of foreign capital reflects the challenges facing Nigeria and highlights the fragility of its current economic situation.
Dr. Vincent Owuani, in his remarks, noted that the Nigerian economy is in the grip of sluggish growth, with key sectors such as agriculture, manufacturing, trade and oil and gas struggling to grow. This economic stagnation is compounded by rising operational costs, driven by rising fuel and diesel prices, thus impacting the competitiveness of domestic businesses.
Furthermore, speakers expressed concern over the possible default of Nigeria’s sovereign debt if urgent measures are not taken to reverse the current trend. They stressed that the country is at risk of sliding into a major economic crisis, potentially leading to a deterioration in the overall socio-economic situation.
Past Presidents of the Onitsha Chamber of Industry Mines and Agriculture and other experts present stressed the unprecedented nature of the current crisis and criticized the country’s economic management. They singled out the Central Bank of Nigeria for encroaching on the responsibilities of the Ministry of Finance and Commerce, thereby calling into question the effectiveness of the economic policies in place.
In conclusion, it is imperative that the authorities take concrete steps to reverse the trend of the exodus of international businesses and foster an economic environment that is more conducive to growth and development. Nigeria must embark on deep structural reforms to boost investment, promote innovation and strengthen the competitiveness of its economy on the international stage. Only swift and coordinated action will avert the worst-case scenario feared by the private sector and informed observers.