Elsie UdohEvery business owner, especially one who has survived past one of the most crucial parts of owning a business—the startup phase—wants to keep expanding.
But then, how does any business owner (even multinationals) expecting to yield profits survive a 33.88% inflation rate? While some have managed to thrive against all odds even with the biting economy, others have had their anchor not fixed solidly enough and have been sent packing, calling it quits in the Nigerian market.
Join our WhatsApp ChannelNow, it’s easy to blame this forced expulsion on some of the reform policies of this present administration, such as the removal of subsidies and floating exchange rates, among others. But then this company’s migration from Nigeria has been ongoing since 2020 and even longer!
In this article, we’ll focus on the companies that are leaving or have left Nigeria since 2020.
Companies Leaving Or Have Left Nigeria in 2024
If there was ever a time when Nigerians had to deal with the worst cost of living crisis, then it would be in 2024. It started with the removal of fuel subsidies and things only seemed to get worse from then onwards.
Of course, this had an adverse effect on both multinational and local companies in the country and the result was a number of them announcing plans to leave or even leaving the Nigerian market entirely, especially in the first six months of this year. See some of the affected companies below:
- Pick n Pay
This is the latest company to announce in October that it will leave the Nigerian market and sell its 51% stake in a joint venture after operating in Nigeria since 2016.
This move was said to be a result of the volatile nature of the naira and other unfavourable regulations.
- Total Energies
Total has since February this year announced the sale of a 10% stake in Shell Petroleum Development Company of Nigeria (SPDC) to Chappal Energies for $860 million. The sale is expected to be finalised by December 31, 2024.
There are still reports of Total’s plan to invest up to $6 billion in gas production in Nigeria in the coming years, but for now, its operations in Nigeria have been withdrawn.
- PZ Cussons
While not totally certain yet, PZ Cussons has a partial or complete exit from Nigeria looming.
- Kimberly-Clark Nigeria
Like other businesses closing up in Nigeria, Kimberly-Clark also announced its plans to leave the Nigerian market in May 2024 due to the economic developments in Nigeria.
This will mean the closure of its manufacturing company and commercial office in Lagos and saying goodbye to the sale of its products like Huggies and Kotex in the country.
READ ALSO: Tax Reform Bills Will Reduce Burden For Businesses – Presidency
Companies Leaving Or Have Left Nigeria in 2023
In the past years, some companies also talked about their plans to leave Nigeria, while others left entirely. For example, in 2023, these companies made a move off the Nigerian market:
- Unilever Nigeria
While this company did not cease general operations in Nigeria entirely, Unilever closed its manufacturing operations—the production of its home care and skin cleansing products—in December 2023.
In case you wondered why you stopped seeing products like Omo, Sunlight, and Lux around, well, they are the brands that Unilever stopped producing.
This closure in some parts of its operations in Nigeria was due to declining revenue and increased losses.
- Procter & Gamble Nigeria
This manufacturer of Ariel detergent also stopped their manufacturing operations in Nigeria in December 2023 due to currency issues and the naira’s depreciation, among other reasons.
- Bolt Food and Jumia Food
These food delivery arms also stopped being available in Nigeria in December 2023.
- Equinox Nigeria
This brand left the Nigerian market by selling its business to Chappal Energies.
Other companies that left Nigeria in 2023 include:
- Lazerpay
- GlaxoSmithKline (GSK)
- Sanofi-Aventis Nigeria
- 54Gene
- MABISCO Biscuit
Companies Leaving Or Have Left Nigeria in 2022
In 2022, the following companies also got packing from the Nigerian market:
- Universal Rubber Company Ltd
- Mother’s Pride Ventures Ltd
- Errand Products Nigeria Ltd
- Gorgeous Metal Makers Ltd
Companies Leaving Or Have Left Nigeria in 2021
- Shoprite
- Tower Aluminium Nigeria PLC
- Framan Industries Ltd
- Stone Industries Ltd
- Mufex Nigeria Company Ltd
- Surest Foam Ltd
Companies Leaving Or Have Left Nigeria in 2020
- Standard Biscuits Nigeria Ltd
- NASCO Fiber Product Ltd
- Union Trading Company Nigeria PLC
- Deli Foods Nigeria Ltd
- Binance
Since 2020, over 30 companies have ceased their operations in Nigeria, while others have announced that they will be leaving, whether partially or completely.
With the economy still in its current state, we might witness more companies leaving the Nigerian market in the year to come.
Elsie Udoh is an SEO content writer who specialises in writing engaging stories that resonates with diverse audiences. She studied mass communication at the Lagos State University.
