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Reps to investigate reasons for mass exit of investors, companies from Nigeria

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The House of Representatives has resolved to investigate the mass exodus of Multinational Companies from Nigeria.

This resolution followed a motion moved by Patrick Umoh and three other lawmakers on Tuesday.

While presenting the motion, Umoh stated that some multinational companies like Surest Foam Limited, Mufex, Framan Industries, MZM Continental, Nipol Industries, Moak Industries, Stone Industries, Procter and Gamble, Sanofi-Aventis, and Equinor have exited the country.

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He informed his colleagues that the French pharmaceutical producer, Sanofi, is planning to exit Nigeria too while Bolt Food has discontinued food delivery due to economic challenges.

Mr Umoh also mentioned that Jubilee Syringe Manufacturing declared temporary redundancy due to unforeseen business issues.

He highlighted that the continuous departure of Multinational Companies is causing concern as it could significantly impact the country’s GDP, hinder economic growth potential, and lead to job losses.

Following the presentation of the motion, the House resolved that the Committees on Industry, Labour, Employment, and Productivity should investigate the closure of local companies and the departure of Multinational Companies from Nigeria.


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