Another U.S. Multinational Exits Nigeria

Following the recent exit of GlaxoSmithKline Consumer Nigeria (GSK) from the Nigerian market, another multinational Procter & Gamble (P&G), has announced plans to shut down its production lines and switch to an import-only model.

The firm has struggled in recent years to have a hold in the fast-moving consumer goods market it dominated for decades. In 2018, just one year after its launch, P&G faced harsh realities and was forced to shut down its U.S.$300 million production plant in Nigeria, writes Premium Times.

In 2021, P&G further scaled back in Nigeria by laying off workers and downsizing its operations. Despite this, it maintained its commitment to staying in the Nigerian market.

However, 2023 has presented an exceptionally challenging environment for businesses in Nigeria. The already struggling economy has been further hampered by the current government's implementation of various reforms, including the removal of the fuel subsidy and the naira float.

2023 has proven to be exceptionally challenging for Nigerian businesses. The previously struggling economy has faced further difficulties, exacerbated by the implementation of various reforms such as the removal of the fuel subsidy and the floating currency's value.

This article originally appeared on AllAfrica

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