According to vanguard Several multinational companies have exited Nigeria over the past three years due to economic challenges exacerbated by government policies, such as removing petrol subsidies and unifying FX windows. Companies like Diageo, Kimberly-Clark, Procter & Gamble, and Unilever have either completely left or significantly scaled back their operations. High energy costs, currency depreciation, and security concerns were major factors contributing to their decisions, resulting in significant job losses across various sectors.
Government officials and industry leaders recognize the profound impact of these exits on Nigeria's economy. They stress the urgent need for reforms to stabilize the business environment and prevent further withdrawals that could undermine economic stability. Efforts are underway to address issues like foreign exchange scarcity, inadequate infrastructure, and inconsistent policies, which have all contributed to the challenging business climate.
The departure of these multinational firms is viewed as a setback to Nigeria's economic growth goals, including the target of achieving a $1 trillion GDP. Stakeholders emphasize the importance of creating a favorable environment for both local and foreign investors. This includes improving electricity supply, enhancing security, and ensuring policy consistency to attract and retain businesses in the country.