Nigeria has lost over N98trn following exit of multinational corporations – Anambra OPS
…says Nigeria may face danger of sovereign debt default
By Chimaobi Nwaiwu
THE Organized Private Sector, OPS, in Anambra State, Thursday, said that the exodus of multinational cooperation from Nigerian economy is impacting negatively on the country, saying that Nigeria has lost over N98 trillion Naira following the trend.
It also warned that Nigeria may be facing the danger of sovereign debt default, saying that if nothing is done fast to address the situation, the country will one day collapse into another country.
The OPS operators spoke yesterday during the Nigerian Economic Intelligence Estimate, NEIE, organized by the Onitsha Business School, OBS, as part of the activities marking its forthcoming 10 Years Anniversary/ 3rd Convocation Ceremony.
Delivering a lecture titled “Nigerian Economy, the Past the Present and the Future, Dr Vincent Owuani, said that from the time the present administer action came in 2023, and continued from where the former administration that started in 2015, stopped, and incidentally the same party, what the people have learnt is, that things are better said than done.
He said that Nigerian economy is growing at the decreasing rate, adding that no country succeeds when its larger sectors of the economy, like agriculture, manufacturing, trade and oil and gas are depressed.
“In Nigeria the sectors that are the largest are not the ones growing fast. The only sector that is growing in Nigeria is the finance sector and you all know the reason.
“The cost of doing business has become very high due to hike in fuel and diesel prices.The most difficult thing to discuss today is Nigerian economy, that is because it is unpredictable, the economy is passing through subsidy burden. Cost of importation has gone up, custom duties are high, just as exchange rate.
“Nigeria is under the threat of sovereignty debt default, the country is in the danger of being collapsed into another country. The country is highly stressed, there is business stress, human resources stress, security stress. Human Resources is a major stress, but we are not talking about it.
“No doubt businesses in South East, even with the over three years Monday sit-at-home, are not feeling the stress like others in the country, the same thing with the North, but South South, South West and North West are suffering. All the businesses in the country are stressed whether large, medium or small.
“Big businesses are supposed to be less stressed, but these days small businesses are less stressed because they have been permanent suffering and are now used to the sufferings.
“The exodus of the multinational corporations from Nigeria economy has made Nigeria to lose over N98 trillion Naira. The exit of the companies follows security challenges, macroeconomic issues and intimidation by government agents, before it reached at their elastic limits that led to their exit.
Also speaking during the occasion, past Presidents of Onitsha Chamber of Industry Mines and Agriculture, ONCCIMA, Mr. Uche Apakama, a pharmacist, Chief Kelvin Obieri and a non Executive Director of Cutix Plc, Mrs. Ijeoma Ezeasor, all said that the Nigeria economy is going through a crisis they never envisaged.
Adding that the crisis the Nigeria economy is going through have not been seen before, they accused the Central Bank of Nigeria of subsuming the work of the Finance and Trade Ministries.
Earlier in his opening remark, the Director General OBS, Prof. Olusegun Sogbesan, said that the 10th Anniversary Celebration /3rd Convocation Ceremony of OBS with have Education and Social -Economic Development in Nigeria as topic will have Private and Public Sector Alignments as issues that will also be discussed.
Pharm. Uche Apakana and Barr. Sunday Udemezue, listens.
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