With its performance in the Nigerian stock exchange where it has accelerated value creation for its believers, Oando is now going global, and the first major stopover is Trinidad and Tobago: “Oando Plc, a leading Nigerian energy company, has been shortlisted by the Trinidad and Tobago government as one of the three final contenders to take over operations of the country’s state-owned Pointe-a-Pierre refinery, previously operated by the defunct Petrotrin.”
I hope it wins the bid because Nigeria needs multinational companies to confront the paralysis of economic stagnation and a lost economic decade. Yes, when a country celebrates the formation of many SMEs, notice a country that is scaling poverty. In other words, a country where most people employ themselves is a poor one.
That means Nigeria needs BIG companies because those have capabilities to compound growth leverageable factors to drive value creation for the good of all. Big firms solve big frictions in markets, and you need them to balance your budget at scale. When they go global, great things happen in economies.
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If we can have our companies go global, we can overcome the evolving challenges in capital importation where the numbers are crashing: “Nigeria’s capital importation in the second quarter of 2024 fell by 22.85%, from $3.37 billion in the first quarter to $2.60 billion.” In short, the foreign direct investment dropped to $29.83 million in Q2 2024, the lowest number ever recorded in Nigerian history.
So, we need these firms to go abroad and make money.
Nigeria’s Foreign Direct Investment (FDI) for the second quarter of 2024 has dropped to $29.83 million, marking the lowest level recorded based on available data up to 2013.
This is according to data from the latest capital importation report by National Bureau of Statistics (NBS).
The FDI figure represents a steep decline of 65.33% compared to the $86.03 million recorded in Q2 2023.
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