In a recent revelation, Nigeria Employers’ Consultative Association (NECA) has brought to light the harrowing exodus of 15 multinational companies from Nigeria, resulting in the loss of 20,000 jobs over the past three years. Adewale Oyerinde, NECA’s director general, expressed grave concerns about the severe repercussions of this concerning trend, emphasizing its potential to exacerbate unemployment, insecurity, and child labor in Nigeria.
Oyerinde’s warning serves as a stark reminder of the far-reaching consequences of the economic downturn on various sectors in Nigeria. The departure of these companies, with a cumulative workforce of over 20,000 employees, has not only dealt a severe blow to organized businesses but has also left a gaping void in government revenue and inflicted hardships on countless households.
The departure of industry giants such as GSK, Sanofi, Procter & Gamble, Nampak, and Unilever Nigeria has sent shockwaves across the Nigerian economy, amplifying the concerns raised by experts regarding the potential ramifications on the country’s financial stability.
This sobering revelation underscores the urgency of addressing the root causes driving the exodus of multinational corporations from Nigeria. It is imperative for stakeholders across the public and private sectors to collaborate in formulating strategic measures to mitigate the adverse effects of such departures on the economy and, most importantly, on the livelihoods of Nigerian citizens.
The disheartening loss of thousands of jobs and the potential economic fragility warrant concerted efforts to foster an environment conducive to business growth and sustainability. The gravity of this situation demands proactive and decisive action to stem further outflows of vital investments and preserve the economic resilience of Nigeria in the face of global challenges.
