Companies That Exited Nigeria In The Past Five Years And Why - Business

 

1. ShopRite (Economic Decline) *
2. Uber (Economic Pressure)
3. Guinness (Forex Instability) *
4. Netflix (Inflation) **
5. Sanofi (Naira Devaluation)
6. Kimberly-Clark (Inflation + Operating Costs)
7. Equinor (Unprofitability)
8. Pick n Pay (Difficult Economy)
9. Amazon Prime (Inflation) **
10. Procter & Gamble (P&G) (Forex Instability)
11 GlaxoSmithKline Consumer Nigeria (GSK) (Forex Instability + Inflation)
12. Bolt Food (Economic Pressure)
13. Jumia Food Nigeria (Unprofitability)
14. Food Court (Financial Difficulty)
15. Microsoft (Economic Adjustment) **
16. TotalEnergies Nigeria (Vandalism and Security) ^
17. Shell (Theft and Security) ^
18. ExxonMobil (Declining Production) ^
19. Etisalat (Economic Pressure).

Key * : Parent company exited and franchised but still operates.
Key **: Pulled major local funding, but still in use.
Key ^: Divested major assets but still operates.
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Re: Companies That Exited Nigeria In The Past Five Years And Why by Racoon(op): 8:41pm On Sep 03
Here we are. These are the investors they are spending billions of Nigerian taxpayer monies to chase. The cost of business operations in Nigeria does not even allow macro-industries to break even let alone maximize profits.

Then imagine how many millions of SMEs that have folded up. Even the middle class have been erased. Only the disproportionate gap between the corruptly rich and extremely poor people now exists.

This is the consequences of having incompetent fellas/bad govt over a nation's affairs. They will blame climate change, COVID-19, global meltdown, Russia-Ukrainian war, US-Iran war and God knows what just to hide their incompetence.

The continual loss of these macro-economics industries of course comes with their attendant economic ripple effects. When the right operating environment exists, foreign investors does not only invests, they stay.

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