Job Losses Soar As 16 Multinational Companies Depart Nigeria Amid Economic Crisis...CONTINUE READING

In the wake of Nigeria’s economic turmoil exacerbated by the removal of petrol subsidies and the unification of FX windows, 16 multinational corporations, including Diageo, have departed the country over the past three years………. CONTINUE READING

Diageo, based in the United Kingdom, became the latest to announce its exit on June 11, selling its 58.02% stake in Guinness Nigeria to Tolaram.

Other departing companies include Kimberly-Clark, known for brands like Huggies and Kotex; Procter & Gamble (P&G); GlaxoSmithKline (GSK); Unilever; and Sanofi-Aventi Nigeria. Reasons cited for these exits range from high energy costs to currency depreciation and insecurity.

Nigeria’s Minister of Finance, Wale Edun, acknowledged these challenges on Channels Television’s Sunday Politics, attributing the departures to the lack of a liquid foreign exchange market hindering multinational operations.

Adewale Oyerinde, Director-General of the Nigeria Employers’ Consultative Association (NECA), lamented the consequences of these exits, estimating that over 20,000 jobs were affected. He emphasized the ripple effect on the broader business ecosystem, where secondary enterprises dependent on these multinationals for their survival face uncertainty.

The departure of these major employers, Oyerinde warned, poses risks not only to government revenue but also to national security, exacerbating the country’s economic woes.