By Rédaction Africa Links 24 with Guardian Nigeria
Published on 2024-01-24 03:12:48
Digital entrepreneur, Leo Stan Ekeh, is concerned about the increasing number of multinational companies that are exiting Nigeria. He believes that if nothing is done to address the underlying issues, more businesses, both local and international, will follow suit in the coming months and years. Ekeh, who chairs the Nigerian conglomerate Zinox Technologies Limited, has urged President Bola Tinubu to address the issues of corporate blackmail and bullying that are frustrating the government’s efforts to promote ease of doing business in the country.
One of the challenges facing businesses in Nigeria is the scarcity of forex, but Ekeh believes that this issue can be overcome, especially with the government’s new push to inject more forex into the system. He also dismissed the depreciation of the naira as a convenient reason cited by exiting multinationals, pointing to the deeper issue of corporate blackmail and bullying as a major factor behind their decisions to leave.
Ekeh highlighted the destructive nature of corporate blackmail and its impact on foreign direct investments in Nigeria. He cited a case study involving his own company, TD Africa, and himself, where false allegations of fraud led to a prolonged legal battle. He urged President Tinubu to address this issue and prevent the truncation of justice, emphasizing the importance of proving to the international community, including investors, that Nigeria respects and abides by the rule of law.
In addition to addressing corporate blackmail, Ekeh suggested that Tinubu should promote the patronage of indigenous manufacturers and service providers as a means of reflating the economy. He pointed to India as an example, where the government recently imposed restrictions on the importation of certain electronic devices to boost local productivity and discourage capital flight.
Ultimately, Ekeh expressed confidence in President Tinubu’s ability to address these issues and urged him to take decisive action to prevent further business closures in Nigeria. He stressed the importance of creating an environment that supports both local and international businesses, fostering economic growth and job creation.
Read the original article on The Guardian
