Why Multinationals Are Leaving Nigeria: Africa Amplified
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- Опубліковано 29 лют 2024
- A monthly deep dive into Africa's biggest stories through a Bloomberg lens. Global investors see the continent as one of the top areas for opportunity and growth, and some African nations are well-positioned to be global hubs for development. This show will discuss key steps taken to help deliver on Africa’s quest of bridging the gap with global powers.
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Africa needs to build companies, factories, industries,that's the way out not inviting foreign Company from everywhere.
Foreign exchange is very important....and this is a Nigerian problem not African problem..... South Korea, China and Singapore today are the way they're coz of foreign companies
Say that again. We have to build our own companirs
If you don't invite companies, where do get skill sets and expertise? You need to swallow your pride and deal with reality
😂😂 without foreign investment 😂😂
@@asafoawuah4661without money and FDi???
As an investor, I would never go to Nigeria. The corruption is multi-layered and it is hard to carry out private projects without unnecessary commission or forced kickbacks.
Where have you invested?
@@RDCFemmes For now, the US and the UAE but I have plans of migrating to Burkina Faso soon. I have a lot of Pan-African investor friends whom like the direction of the country.
@@rickmarshall5419 It's way too early to know the direction of BF. They don't even have a government, constitution, or basic rule of law. At this point, you can't know whether you can own land, lease, or have any business regulations. I have a Private Equity Company made up mostly of Pan Africanists. We should talk. I am on the continent so no hypotheticals on my end.
We will build by ourselves . Good luck
@@excellenttrader4161 you haven't built shit in 2000 years! Wake up!
Nigerians still have a lot to learn.
And they will learn. Hunger will force them to push back against their extremely corrupt government.
@@johnsonanum yeah
@@johnsonanumexactly
Watch it hit the Safrican shores shortly...theyre all the same players boet even with the so called diverse investment environment. Get rid of corruption
Yep we do
The narrative for Nigeria a year ago is that if it devalued its currency, it would attract foreign investors. Surprisingly, Nigeria is now witnessing the reverse. Until Africa learns to chart its own course without listening to any person or institution, it will not make any progress.
Stop dragging Africa in Nigeria problems........many countries in Africa are doing very well in terms of development
You sound like a typical African@@AmazingMania
@@AmazingManialike one i only know kenya rawanda
@@asianguy86 Stop talking about Kenya and Rwanda where Nigeria's economy is the topic. Those are smaller economies for goodness sake. The OP makes sense though. Jeez.
@@youme1414 i mean purchasing power dude 😂 economy size is not everything per capita they are doing fine Nigeria have lot of issues coming with deindustralization
even fifth biggest economy india have immense poverty corruption undeveloped still they claim they will compete against india 😂
It is an opportunity to fill up the vacuum. Nigerians have be touted as brilliant and innovative. Help the locals and I believe they would seamlessly fill the gap. God bless Africa, Nigeria and Ghana. We can and must do it for us.
EFF Jamaica says one love EFF🇯🇲 one love
Nigeria is a weird place. So many bright, inventive and entrepreneurial minds yet so corrupt. No stable instituations. No real industries established. No wonder even nigerians themselves are leaving
pls when you said so corrupt , make sure to mention state corruptions not ordinary citizen working very hard everyday and that would be justify for your comment than all these rubbish of generalising all lawful citizen's in that country
So true. Also, understand that when bright minds decide to form cabal to steal, monopolize and destroy a whole economy, they are most likely to succeed. They own the resources, they own the armed forces, and hell, they own the state.
When an average Nigerian who doesn't even stand a chance of resistance realizes this, he evaluates his odds and chooses to leave.
Any entity of value goes to a place where they will be appreciated. If any country seeks FDI then it should be willing to protect it. A conducive environment should value its people and anything of progress in that environment.
I'm afraid this is also bad for those citizens who own franchises of these businesses.
in short, business climate is bad right now and crucial segments of the market are not yet developed to the degree that incurring losses right now would pay off later. therefore international investors are waiting for a greater amount of market stability before flocking back to the country.
The truth is there are easier places to do business such as South Africa and Kenya.
remember easily things don't bring good money , Nigeria might be going through new face of actually sorting the country which is difficult now people doing business still generate =double the money they will be making in Kenya or South African..Facts! but when thing settle we will be so hard on those that think there is free money to be make here in Nigeria we are bringing in diaspora all in the pipeline ..please watch the space
"Easier" doesn't mean "More Profitable". Nigeria is much richer in resources than Kenya and South Africa.
Yes I agree but also South Africa is hard so I see South African and Nigeria both struggling soon. Kenya as well if it cannot manage its debt. We will see how the future goes
there are more countries with Greener resources in Africa that have invested in various power generations than Nigeria which is only focused on non green methods @@johnsonanum
How can anyone take advantage of business when power goes out so much and the economy is impoverished and the country is non diversified and focosed on fossil fuels. You will see the US multinats leave and head back to their countries and South America to go and take oil from there@@johnsonanum
No security
no electricity
no exports
no industry
no proper education
Is it a surprise that everyone is leaving nigeria.
Instead of complaining yada yada yada, why don't you do something about the things you complain about?
In the old day,s did your ancestors depend on any central government to put food on the table, and roof over their heads? The USA wasn't built by governments but individuals.
This is old news,things are changing in Nigeria in last few months,reforms are on fast drive,and Nigeria is getting better.
@@henryodiachi5997 keep telling yourself that
@@onthegofm1887 I always tell my peers in Africa running from their countries that if we don't fix our countries by ourselves there will come a day when the western countries will ask them and their children to park and leave. Where will they be returning to with the children and grandchildren? I don't know why Africans love to run away from their problems.
@@thomasagorhom1139no they won’t and they need them, also any good leader gets taken out and there country gets destabled
Ghana is watching.
Look behind the lady speaking, that monument represents GHANA 🇬🇭
@@cynthiastanley5938 oh good security, peace , no kidnapping oh yes that's 🇬🇭🇬🇭🇬🇭🇬🇭🇬🇭
@@fiifidadzie8395 The current situation of Ghana is how the woes of Nigeria started. Ghana is currently in a mess.
I wish all,the best for African continent, but corruption , dishonesty, is the biggest drain… the “old guard” is guilty of it , I hope the new educated young generations look inward and start building bussiness was..
When they keep saying, 'the market', are they using code for muzungus...?
The political instability of a country is one of the first elements of risk taken into account in international investment. Nigeria has plenty of resources and development potential, but the crisis situation in the region is holding back projects. This is the case everywhere in Africa, the continent attracts only 3.5% of international investment.
invest in your own
political has nothing to do with it. there are inventors in your backyard the villages community should invest right in Naija! stop looking for a 1 man Savior
@@uplayitIlisten What a silly immature statement. No country grows without foreign investment. You can't bootstrap your way to prosperity. Clean up your government!
In other words, CORRUPTION IS RAMPANT, Safety concerns are at an all time high.
Nigeria will never ever progress as long as its ruled by elderly people .... Nigeria is a country with majority youth. If there is young leadership and they make the country feasible for Nigerians in the diaspora to return the country will be a Superpower in no time.
Elderly people have taken over the entire world, it seems...
We keep devaluing when we are not exporting. We wanted to impress the foreign cooperatives until we start building our own factories develop and incentivize our local businesses we are going no where
Simply put! Amplified corruption, insecurity and energy bottlenecks the shackles of the Nigerian economy.
Let them all leave, how can you be paid in dollars in a naira denominated economy. They should leave while indigenuous company are taking charge now. The PTInubu govt socioeconomic systems reforms are on forward fast drive, the Naira is fast gaining strength now against USD, now at N1340/USD and our foreign reserve is up in green. All the shenaniganS of past misrules before this current govt are being swept away. The country is getting better and stronger GOD WILLING IFSHA,GOD BLESS OUR NIGERIA IFSHA.
Nigeria....a land devoid of hope! No basic security or rule of law.
For you and yours. Nigeria is still the richest nation on the continent with the best resources. Changes after decades of greed and corruptuon is going to be gradual and there are changes taking place. Foreigners are definitely not required. Let Nigerian money stay in Nigeria.
@@KaeMaidenWithout addressing injustice and lack of equity the country can never make any head way
?@@KaeMaiden
This South African lady needs media training. It’s tough hearing her talk.
Dumb statement, she's clear, articulate, and well-versed on the subject matter. Perhaps you need to clean your ears.
cost of doing business in Nigeria is high, insecurity, exchange rate , inflation, etc.
Meanwhile they are opening more locations in Kenya . Nigeria simply isn’t a legitimate place to exist as an organisation
Corruption, directionless leadership, poor logistics, blackmailing these companies, are the big reason why multinational companies leave
Good. Let the country build themselves
Bloomberg, this is very poor production vs the title of the video. Title is a video supposedly focused on Nigeria and why MNCs are leaving. You start talking about it after 10 mins. Very poor editorial decision!
@yaw1968 the discrepancy between the video’s title and its actual content is indeed a significant editorial oversight. A well-structured production should align with its stated focus from the outset. In this case, the delayed introduction of the Nigeria MNC topic undermines the viewer’s expectations and diminishes the overall quality of the piece.
10 minutes 😂😂, you are totally right though. English as a second language and all those acronyms, I love their report respectfully.
Quite a few major channels do this. I don't enjoy it. Apparently, a title that implies an aggregation of diverse issues draws in less viewership, so they choose just one of those issues to title the video. They can be more clever about it, I believe
It is called "click bait"..
Why Nigeria don't each out to black own businesses in USA, Caribbean islands UK and Africa to replace them
nigeria is a crminal cartel. their president is a certificate forger
Nigeria like all the other countries in Africa have no financial independent/sovereignty. All African countries including Nigeria are trying to free themselves from Western financial apartheid, imposed by Western institutions like the World Bank, IMF, Western military industrial complex, NGOs, Intelligence services, Western propaganda media, corporations, ratings agencies, etc. When African countries decouple from Western imposed financial apartheid, and gain their financial and monetary independent, there’ll be no stopping them.
those businesses will face the same issue, no electricity, rent-seeking government, corruption, poverty and a harsh business environment.
Do Blacks own businesses? Black communities depend on Asians and Arabs for housing, petrol and retail.
They will face same issues , theres companies from South Africa that lost billions in Nigeria due to the corrupt government they ended up exiting the market . Nigeria is a mess
They will all regret leaving because Nigeria is a future of Africa.
they must go.... good opportunity for Nigerians and african countries to fill the gap and grow to protect the continent interest
Not even that bro the chances of looting is closing everyday so they pretending something is not working while they have being stealing for God knows how long but now that we are waking up they quickly pack their stuffs. That is not going to deter our progress it will surely happen from Naija i bet you bro @@mylesmills9666
lol correct your nasty behavior before dreaming
and what about your country ? lol @@Bambotb
Nigeria is not the future of Africa. Nigeria is the future of Europe, America and Asia, because we are exporting all our skilled workers and educated young people to those continents.
Nigeria will make a turnaround. Perhaps the exit of MNC's is what the country needs to realise the importance of supporting local business and diversifing its economy. These things take time. As Mr Wiese said, investors will return.
Mugu
@@michael4800 I was going to say "keep telling yourself that story" but you beat me to it. lmfao
Well when the going gets tough the uncommitted will exit.
Many countries discovered oil and gas
SADC countries we sre doing just
Investors they're coming this side
We have low inflation
EFF is the only party that Africa needs
Yes, let them go. It's time for domestic compagnies to take over .
😂, Nigerians consume no time for producing. Naira is heading to 2000 at this rate. How can you elect a drug dealer, haai Nigerians mare.
Which domestic companies are you talking about? 😂. Dude, you are delusional, am not going to lie.
if Billion dollar multi nationals are struggling what makes you think the locals will fare better?
My husband said the interest rate to get a loan to start or support a business isabout 20% or higher...who is going to pay 20% interest on a loan with 40% inflation??? Thiefnubu's supporters are laughable.
@@kizitoonyeagusi2824you really believe Nigeria has no domestic company? What is dangote, air peace and Innoson motor, just to name a few.
Bola Tinubu and APC’s illegitimate government has collapsed Nigeria🇳🇬 and its economy.
It’s up to the suffering Nigerian masses to rise up and say ENOUGH IS ENOUGH.
Why? Because, number 1, it's a hell hole and 2, all that cheap money generated by the baby boomers sloshing around with low interest rates for years looking for any investment regardless of risk has dried up as they retire, pulling out and throwing it into cash and TBills...
Y'all, what would you like to see in the business landscape that has never existed before?
Ladies, Nigeria Diaspora remittances for 2013 is estimated to be about $35bn. Any foreign company that can just pack and leave should not be allowed to return to Nigeria. Only investors that are there to stay, both in good and bad times should be welcomed.
What a ridiculous prideful statement. You shouldn't expect corporations whose sole mission is to improve investor returns, should act in their own worst interest to prove loyalty to a country littered with sect violence and corruption. Clean up your country and the money will flow in.
As an African, this is not how business works. We are entering a new dawn, trading as equals. That puts the onus on every nation to clean up its act.
@RegalMe91 You're not am equal, you're a poor fucking country that needs help! No G20 needs Nigeria. What have you done, accomplished, or bring to the table that anyone wants? Business isn't about respect. It's about negotiating, and Nigeria is in no position to demand anything. Relax, build yourself up, and be humble. Learn to bring something to the table other than pride.
@@tyrismaxey What is ridiculous is your naivety in thinking that all corporations think short-term. Only the short-termists do; the rest are in for the long haul with investment in people, machine, technology (and environment).
The short-termists would come in, usually buy up a failing business, sack half of the staff, and offer the rest with new contracts; then make large ROI, and after just a years, sell up to yet another Short-termist. It is downward spiral for investment, working environment and staff pay. The effect has potential to destabilise economies. Soon every company is imitating them.
Didn't these organisations know about the "sect violence and corruption" before they chose to invest in Nigeria? Was it is also "sect violence and corruption" that caused the decrease in Foreign direct investment (FDI) inflow in the following economies:
UK(-$36bn)
Ireland(-$36bn)
Australia(-$26bn)
S.Korea(-$14bn)
Norway(-$12bn)
Spain(-$10bn)
Decrease in Nigeria's Foreign direct investment (FDI) inflows in 2023, was only $1.4 (or 26.7% reduction from 2022), whereas Nigeria Diaspora remittances for 2023 increased by $2bn+, there!
Is happening what happened to Haití, history repeats itself leave the blks to fend for themselves
Then why are you here? F-tard
That is the problem with this report, foreign outsiders who are called investors are seeing a positive way forward, what a cruel statement. These foreigners don't actually live in the country, they live in their well ordered societies that work, they eat 3 meals a day, 24 hr electric, sanitation, clean water..... The people living in the country are having it tough, we have seen demonstrations by those who are struggling. But the insensitive investors see a country weak and rope to exploit. So does it mean that these investors are saying that there is no suffering for many Nigerians??how insensitive can one get.
The model worked well for China, where foreign investment was also far from being development aid.
Fix your country and stop looking for people to feel sorry for you. Grow up!
Ntando is hard to listen to
This is nothing, it's still gonna get worse!
If they want to leave fine. somebody else can fill their place.
You wait on that!
@@tyrismaxey Not waiting on anything. I'm taking action.
@user-io4sr7vg1v by doing what per se? I'm an investor always looking for businesses, not ideas, everyone has an idea, but businesses.
Let them all leave, we can do it ourselves
But your people are also leaving the country.....wake up and smell the coffee!
Then do it, stop complaining...
Lot of bad wigs here. It would be funny if it were not so sad.
There goes Nigeria 🇳🇬 again 😂
Lmao😂😂😂😂
Nigeria is still the richest nation on the continent with the best resources. Changes after decades of greed and corruptuon is going to be gradual and there are changes taking place. Foreigners are definitely not required. Let Nigerian money stay in Nigeria.
@@KaeMaidenrich in what??...the poverty capital of the world ..ur Government is sponsoring terrorists to kill and kidnap it's citizens..
That zoo is just another British colony
@@KaeMaiden - 90% of Nigerian ppl are living in abject poverty. Tinubu has been nothing but an absolute failure. He has spent almost all of Nigeria’s wealth flying back and forth to Dubai and paris.
Name 5 things that the career criminal has done from a policy standpoint to address and reduce the economic pressures on the ppl….NOTHING!!!
He is a fraudster and has lead Nigeria as well as can be expected by criminal…he and his entire cabinet of embezzlers are devoid of solutions.
Are this multinationals not part of the problems
They don't mean well for any African country.
Greetings it's amazing to see mellinated southafricans in supporting of the da party after of what mellinated have known and been through its surprising to me if the da party becomes successful god forbid mellinated southafricans will still be subjugated in their own land I can't fine words to express my frustration of mellinated southafricans shocking
Yes they have to go... there's a new sheriff in town,all businesses based on corrupt practices should go... those are parasites and not business
you have no clue what you are talking about
@@thecatalyst1762 - It's another one of Thiefnubu's yoruba internet trolls.
When do you, finally, stop blaming others for your own problems. There comes a point when you should really take a hard look at your own part in it.
Let them go we Nigeria will either leave in poverty than to have our country occupied by foreigners
Soon you will be having “World Vision” feed the poor or feed the children
Kenya is a dirty name anyway..
We need China. Those companies should leave Nigeria quickly. They have not been so good to the country's economy. They only look for favouritism.
😂😂🤣🤣
😂😂😂😂😂😂
you cannot be serious
@@thecatalyst1762 It means you know nothing about Nigeria.
Thank you.
😂😂😂😂
FIRST, RESPECT-YOURSELF! Can/will someone explain why we see nothing wrong when females, with males' endorsement, are hiding African hair? Self respect is paramount for success/progress. FIRST, RESPECT-YOURSELF!
What's happening in Nigeria will happen in South Africa.
How? The two nations have completely different profiles.
You wish
Only Nigerian have fallen economy
Africa is failing.