Why FG must improve Nigeria’s economy, by ex-Osun lawmaker

, Olatunbosun Oyintiloye, has urged the federal government to enhance the economy to prevent further exits of multinational companies from Nigeria.

He urged President Bola Tinubu to take all necessary measures to strengthen the economy and attract more investment to the country, rather than allowing existing companies to leave. “No fewer than 26 oil companies and investments pulled out and sold their stakes to domestic investors. These include influential oil mining multinationals such as Shell, ExxonMobil and ENI.“These companies left mainly because of heightened insecurity in the Niger Delta and inability of the government to provide their counterpart funds to enable the joint venture agreements to explore and exploit new oilfields.

He noted that there is urgent need to address challenges causing the exit of these multinational companies by creating a more flexible and transparent foreign exchange policy to address scarcity issues , reduce the inflationary trend which has reduced consumers’ demand and purchasing power, Create tax breaks, and review economic and fiscal policy.

Source: Financial Digest (financialdigest.net)

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