Reps want closure of local companies, exit of multinationals investigated

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By Aaron Ossai

The House of Representatives has called for a thorough investigation into the closure of local companies and departure of multinational companies and factors militating against the ease of doing business in Nigeria.

The resolution was made following the adoption of a motion on urgent public importance brought to the floor of the House by Hon. Patrick Umoh co-sponsored by Hon. Paul Ekpo and Hon. Lukman Mudashiru.

Presenting the motion, the lawmakers said that in the past seven years, several manufacturing companies especially those in the fast moving goods industries have either left Nigeria or stopped production.

They said companies like Surest Foam Limited, Mufex, Framan Industries, MZM Continental, Nipol Industries, Jubilee Syringe among top Pharmaceutical companies have all exited the country due to Nigeria’s operational environment.

According to the lawmakers, the departure of these multinational companies is creating serious concern as it affects the Country’s GDP, hinder economic growth, increase unemployment, increase poverty, decreased government revenues and investor’s confidence in the capital market.

Adopting the motion, the House urged its Committee on Industry, Labour, Employment and Productivity to investigate the closure of local companies and departure of multinational companies from Nigeria and report back to the House in four weeks for further legislative action.

The House also called on the Executive to prioritize investment in infrastructure and power sectors, providing tax incentives to encourage businesses and investors to invest in Nigeria.