Senator Gbenga Kaka, a former deputy governor of Ogun State who represented Ogun East Senatorial District from 2011 to 2015, expressed concerns in a recent interview with THE SUN about the increasing number of multinational companies leaving Nigeria.
He stated that the government should focus on creating a conducive environment and stabilizing the exchange rate to encourage these companies to return, rather than pursuing them.
He emphasized that multinationals are primarily profit-driven and will continue to leave if they do not see profitable conditions. Kaka also pointed out that many of the remaining companies use funds derived from Nigeria as capital and have moved their management to their countries of origin, which undermines local industries.
On the topic of the government's overseas trips to attract foreign investors, Kaka argued that these efforts are largely futile in the current digital economy.
He asserted that investment decisions can be made remotely and that a favorable environment and bottom line are more effective in attracting investors than international appeals.
He criticized the presence of local collaborators who assist foreign entities in exploiting the country and stressed the need for the government to focus on solving domestic economic issues.
He said, “Do you need to junket around the world before you know that investment will be better in Dubai than in Ghana or your investment will be better in Singapore than in Nigeria? The simple basic economics is no longer applicable to us. If the environment is conducive and the bottom line is favourable, you don’t need to appeal to anybody to come and invest.
“They will naturally come. As I said earlier, other than environmental factors, we also have some criminals among us who are assisting foreigners to commit crimes against us and get away with it. We have to stay at home and find solutions to the economy.”