Atedo Peterside, the founder of Stanbic IBTC Bank, has outlined significant reasons why investors are increasingly avoiding Nigeria, despite efforts by the administration led by President Bola Tinubu to attract them to collaborate with the country.
This follows the recent announcement of Procter & Gamble’s (P&G) decision to exit Nigeria, making it the third multinational, after GlaxoSmithKline Consumer Nigeria Plc (GSK) and Sanofi-Aventis Nigeria Limited, to make such a move.
Peterside emphasized that businesses prioritizing the rule of law, policy consistency, macroeconomic stability, and a level playing field would continue to withdraw from Nigeria.
“Another way to look at this @ProcterGamble exit story is that multiple investors who cherish the rule of law, policy consistency, macroeconomic stability, a level playing field, etc. are running away from Nigeria.
They are being ‘replaced’ only partially by investors who know how to ‘partner’ with politicians and/or game the system through waivers, exemptions, etc.,” he wrote on his verified X handle on Thursday.
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