- The economic instability of the country has driven many people and businesses out of the country
- This has, in turn, affected the economy and the daily lives of Nigerians
- These are some of the companies that have left Nigeria in the last two years
The exit of these companies has raised concerns about the economic stability of the country. The affection sectors include: manufacturing, pharmaceutical, technology, among others, is because of the economic instability, security challenges and others. It needs no business or economy expertise to be able to tell that the departure of these busienss will greatly affect or has significantly affected the Nigerian economy and the daily lives of Nigerians who were employed by these companies or used their products.
10 companies that have exited Nigeria
Here are 10 companies that have left the country in the last two years.
- GSK
GlaxoSmithKline Consumer Nigeria Plc. is a pharmaceutical company that has been in Nigeria for X years. They announced in August 2023 that they would be closing operations in Nigeria and will start selling their pharmaceutical products through a third party.
- Kimberly-Clark
The American company announced that it would be shutting down operations on May 31st, after 15 years of operation in Nigeria. The company laid off about 90 per cent of their staff. The company said it will no longer manufacture, sell or market its products like Huggies and Kotex in Nigeria.
- Bolt Food
Bolt food announced that it will shut down operations in Nigeria from December 7, 2023. The food delivery company claimed the reason for the exit, after two years of operation, was because it needed to streamline resources.
- Jumia Food
The food delivery company left Nigeria and other African countries like Kenya, Morocco, Uganda etc, at the end of December 2023. They claimed they needed to focus on their physical goods and increase profitability.
- Unilever
Unilever Nigeria Plc. stopped its production and sale of home and skin care products in Nigeria in December 2023. Products like Omo, Sunlight and Lux were discontinued allegedly due to a decline in sales of the products.
- P&G
In December 2023, Procter and Gamble announced the plans to terminate their manufacturing plants in Nigeria and shift to importation.
- Sanofi
The French pharmaceutical company announced its plans to exit the country in November 2023 and shift to a third-party distribution model for its products.
- Equinor
After over 30 years of operation in Nigeria, the Norwegian oil firm announced their plan to sell their assets in Nigeria to Chappal Energies, leading to their exit from the country.
- PZ Cussons
Driven by the economic challenges of the country, PZ Cussons Plc. announced in April that they would be closing operations in Nigeria. According to the company, they suffered a 48 per cent decline in sales, hence the decision to leave Nigeria.
- Guinness
The beverage brand announced it was closing operations in Nigeria due to the N61.9 billion loss between July 2023 and March 2024. The parent company, Diageo, announced that it would be selling its controlling shares to Tolaram Group.