Peter Obi blames APC govt’s policies as Nestle, MTN post huge losses

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Peter Obi

Leading opposition figure, Peter Obi has blamed the economic policies of the All Progressives Congress (APC)-led Federal Government for the huge 2023 financial losses announced by Nestle Nigeria and MTN Nigeria.

Obi said this in a statement on Saturday.

According to its financial statement published on the NGX on Wednesday, February 28, Nestle Nigeria reported a loss before tax of N104 billion for the year ended 2023 compared to a profit before tax of N71 billion same period in 2022.

In the same vein, MTN Nigeria reported a loss before tax of N177.8 billion compared to a pre-tax profit of N518.8 billion a year earlier.

The company attributed the losses to a massive foreign currency loss of N740 billion up from N81 billion reported in 2022.

Reacting, Obi said, “These business losses, and in some cases, closures and exit of local and foreign businesses are obviously a result of our worsening business environment”.

He described the situation as “worrisome” and “unpalatable”.

The 2023 presidential candidate of Labour Party (LP) stated, “Following the losses reported by these major multinationals, one can imagine what the small businesses are going through, especially now that they are facing a double wammy from increased costs occasioned by poor fiscal policies, and high interest rates, occasioned by recent monetary policies.

“As a trader, I feel and experience it daily. Most of these losses by smaller businesses may not catch the attention of major media outlets.

“Many of the affected businesses may have closed down, leading to additional job losses, and many more may follow suit if this harsh business environment is not reversed.

“We must urgently reverse this ugly trend which is seriously discouraging production in our nation and has continued to hinder our movement from consumption to production.”

He urged the Federal Government to sustain a friendly business environment to keep big and small as well as local and international businesses thriving in the national economy.

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