News
Nigeria’s Economic Reviews Downspin: Multinationals Flee As Challenges Mount
Nigeria, Africa’s largest economy and a former haven for foreign investment, is grappling with a disconcerting trend the mass exodus of multinational corporations. In recent years, a slew of prominent multinationals has bid farewell to Nigeria, citing an unfriendly business environment, economic instability, and daunting operational challenges. This disturbing trend has far-reaching implications for Nigeria’s economy, its people, and the African continent as a whole. Among the multinationals that have exited Nigeria are Unilever, GSK Plc, Procter &
Gamble, Cadbury, Co- ca-Cola, Heineken, Diageo, and recently Guinness. These companies’ departure has resulted in significant job losses, revenue decline, and reduced economic growth. According to the National Bureau of Statistics, foreign direct investment in Nigeria decreased by 43% in 2020, while the country’s GDP shrunk by 1.6% in 2021.
The unemployment rate has skyrocketed to 33.3%, exacerbating poverty and inequality. The root causes of this exodus are multifaceted. Economic instability, characterized by fluctuating oil prices, inflation, and currency fluctuations, has created an uncertain business environment. Corruption and bureaucratic red tape have also discouraged investment, while insecurity, terrorism, and kidnapping have become major concerns for businesses operating in Nigeria. Outdated regulations and inadequate infrastructure, including power and transportation, have further increased the cost of doing business.
To reverse this trend, the Nigerian government must take decisive action. Improving economic stability, strengthening institutions, reducing corruption, enhancing security, modernizing regulations, and investing in infrastructure development are essential steps. Encouraging public-private partnerships and promoting transparency and accountability are also crucial. By addressing these challenges, Nigeria can regain its status as a preferred investment destination and create a prosperous future for its people.
The African diaspora community has a vested interest in Nigeria’s economic success, and collective action is
necessary to promote economic stability and development in Africa.
Kimma Wreh (CIO, Excel Global Media Group Inc) provided keynote address on Cybersecurity and Data Protection in Africa at the Innovate Africa Conference 2024. The conference was held at George Washington University in Washington DC in September 2024.
To book Kimma, send email to exceltekay@gmail.com or call 832-483-4864.
The Olojo Festival, an ancient and vibrant Yoruba festival, is a grand celebration held annually in Ile-Ife, Nigeria, to honor Ogun, the god of iron and war, and the rich heritage of the Yoruba people. This deeply spiritual festival brings thousands of people together, showcasing traditional customs, colorful attire, music, and rituals that highlight Yoruba history and mythology.
The highlight of the event is the appearance of the Ooni of Ife, who dons the sacred Are Crown, believed to hold immense spiritual power. Through processions, sacrifices, and community gatherings, the Olojo Festival strengthens cultural identity, unites people, and pays homage to the gods. As an enduring celebration of Yoruba pride, it captivates locals and visitors alike, reminding all of the deep cultural legacy of Ile-Ife.
Welcome to the highly anticipated 23rd volume of Diaspora Watch, your indispensable source connecting the vibrant African diaspora around the world! This edition is packed with captivating stories and in-depth analysis.
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Ademola Lookman, the Nigerian forward making waves across African and European football, has emerged as a leading contender for the prestigious 2024 CAF Player of the Year Award. Known for his agility, sharp finishing, and impactful performances, Lookman has consistently delivered for both club and country, contributing crucial goals and assists throughout the season.
His influence on the pitch and commitment to excellence have caught the eye of football analysts, who see him as a potential winner. If crowned, Lookman would join the ranks of African football legends who have claimed this title, cementing his status among the continent’s elite players. Fans are eagerly awaiting the CAF Awards ceremony to see if Lookman’s stellar season will be rewarded.
Welcome to the highly anticipated 23rd volume of Diaspora Watch, your indispensable source connecting the vibrant African diaspora around the world! This edition is packed with captivating stories and in-depth analysis.
FREE Digital View: https://www.flipsnack.com/excelglobalmedia/diaspora-watch-vol-23-nov-4-10-2024/full-view.html
Print on Demand: https://www.magcloud.com/browse/issue/2935447?__r=1069759
SUBSCRIBE TO DIASPORA WATCH NOW ON THE BELOW LINK !!!
https://diasporawatch.com/subscribe-to-diaspora-watch-newspaper/
Hurray! It’s the 25th Edition of Diaspora Watch!
Cybersecurity and Data Protection in Africa
Diaspora Watch Vol. 24: A New Era, A Historic Victory, and the Pulse of the Global African Experience
Diaspora Watch 20th Edition (October 14-20, 2024): Your Trusted Source for Global News and Insights
Revolutionary mRNA Lung Cancer Vaccine Trial Offers New Hope To Thousands
