Stocks
Multinationals Abandon Nigeria Amid Economic Pressures
A wave of multinational exits and business restructuring has reshaped Nigeria's corporate landscape since President Bola Tinubu took office in May 2023.
The decisions have been linked to a combination of foreign exchange constraints, naira volatility, high inflation, weakening consumer purchasing power, and rising operating costs.
Among the affected companies are Equinor, Kimberly-Clark, Procter & Gamble (P&G), Binance, Shoprite, GlaxoSmithKline (GSK), and Uber.
The most recent exit is Uber's decision to cease its ride-hailing operations in Nigeria after 12 years, citing rising fuel and operating costs, inflation, and currency volatility in the transport sector.