HomeEconomy#Exit of Foreign Companies from Nigeria A Blessing In Disguise - National...

#Exit of Foreign Companies from Nigeria A Blessing In Disguise – National Patriots.

“Microsoft left Nigeria for Kenya, but I can safely say that in 3-5 years, they will leave Kenya, too.

Ghana was the Cinderella of foreign investment in the West African sub region , not too long ago, but now foreign businesses are leaving in droves.

Standard Chartered Bank has left almost all the countries they operate in on the continent except Nigeria and South Africa. But Access Bank is buying their assets.

How come they are leaving and some other businesses more organic to Africa are buying them off?

Diageo is leaving Nigeria not Guiness the brand. They are leaving because they claim that doing business in Nigeria is almost impossible.

Like many multinationals before them, they now realise that their business model is outdated.

Loading foreign inputs and not investing in developing local supply chains cannot be profitable for ever. Those that know, know.

They are right that doing business in Nigeria is not for the weak and ordinary.

But who is buying their stakes?

You see Tolaram group the manufacturer of Indomie who are also building a deep sea port in Nigeria who have been in Nigeria for over 50 years and are deepening their investments in Nigeria.

For 60+ years, none of Shell, Exxon Mobil, or Chevron or Total built a refinery in Nigeria. For everyone’s information they have no significant economic asset in Nigeria beyond their production rigs since Shell started drilling in Nigeria in the late 50s.

They milked our raw crude and did not help stop our bleeding from importing finished products, which were the finished product of the more profitable part of the value chain of oil and gas production.

But Shell and Exxon went to Singapore in the 60s and built its biggest refinery in a country that did not have a single crude oil.

Could they have done better in developing the O & G value chain ?

Now the refinery they did not build Dangote has built one that is bigger than the biggest Shell and Exxon’s refineries in less than 10 years what they did not do in over 60 years of milking Nigeria’s crude.

Shell just sold its Nigerian operations to Aradel, a wholly Nigerian company managed by a friend, a First class alumnus of UI, and one of our brothers and a Baptist and they are doing very well.

A consistent trend is emerging; these colonial economic systems are gradually waning in their ability to build their own economies, harvesting our raw materials to create jobs and an economic value chain at their end through value chain processing.

Now they are leaving, Indians, Asians, and Israelis, and some Nigerians are taking over these assets, and they can not believe how profitable they are and can still be.

It is clear that no foreigner can develop our economies in Africa as their stakes are not permanent, and they will always look to grow their own interest and not ours.

Do we need to work on the ease or unease of doing business in Nigeria? Most certainly we do , a lot has to be done to how Nigeria kills businesses. But, many of these foreign owned companies were feeding fat on the inefficiencies of our economic production and using different transfers, pricing, and fx strategies to make profits , no bilk us.

Now that they sense that we are woke albeit not well organised, they are off… good riddance.

The bottom line is that we need our homegrown solutions to our peculiar socio-economic challenges in Nigeria and Africa.”

My comments:

I agree with the above views.

The companies that are leaving Nigeria will leave at one time or the other because their main interest of creating jobs for their people is not being satisfied.

They don’t give a f—-@#! about seeing Nigeria develop and I cannot blame them because they are working the scripts of their colonial owners.

Guys research the history of the Royal Niger Company in Nigeria.

We should not kill ourselves because of their departure as some of us keep on ringing in our ears.

It is clear to me that they have fulfilled their role and it is time for them to go.

If they don’t Nigeria will remain the same. Japan and China are good examples. The same people told Dangote not to build his refinery.

Now that the refinery has been built, the same people are working to deprive him of feedstock supply; a plant that has so many benefits for Nigeria and Nigerians.

The road is going to be rough – very rough with many adjustments to make along the way but I believe we will get there.

Let us shine our eyes .
NATIONAL PATRIOT

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