Multinational Exodus: Nigeria's Unfavorable Business Environment Takes Toll on Global Companies
Nigeria has lost at least 75 multinational companies over the past few years due to structural challenges and an unfavorable business environment. Recent data shows that gross domestic product grew by 4.43% in real terms in the second quarter of 2026, while inflation moderated to 15.43% in July. However, analysts argue that macroeconomic indicators only mask microeconomic realities.
Financial experts attribute the departure of multinational companies to high operating costs, exchange-rate risks, weak consumer purchasing power, and regulatory uncertainties. The list of companies includes Uber, Unilever Nigeria Plc, Procter & Gamble Nigeria, GlaxoSmithKline Consumer Nigeria Ltd, Shoprite Nigeria, Sanofi-Aventis Nigeria Ltd, Equinox Nigeria, Bolt Food, and Jumia Food Nigeria.
Prof. Godwin Oyedokun, a financial expert at Lead City University, believes that the continued exit of multinational companies is a concern for policymakers. He emphasizes that macroeconomic stability is not enough; genuine economic competitiveness must be created to allow businesses to grow.