INSUBCONTINENT EXCLUSIVE:
In 2023, Nigeria witnessed a notable transformation in its business landscape as numerous multinational corporations opted to scale down
their operations or exit the country altogether.A range of economic challenges drove this trend
For instance, Procter - Gamble (P-G) and Unilever shifted to import-only models.They faced difficulties with the local currency and
As dollar-denominated businesses, this made it hard for them to operate profitably.Moreover, other big names like GlaxoSmithKline (GSK) and
Sanofi also altered their business strategies in Nigeria.They moved towards third-party distribution models
These changes were largely due to the same economic pressures that affected P-G and Unilever.Bolt Food, a part of the ride-hailing service
Bolt, ceased its food delivery operations
foreign exchange challenges made the environment tough for these companies.Additionally, the removal of fuel subsidies and fluctuations in
the exchange rate added to the difficulties.These factors, combined with security concerns and infrastructural problems, have made Nigeria
less appealing to foreign investors.Broader economic and policy challenges in NigeriaThe departure of these multinational corporations is
not just about their individual business decisions.It highlights broader economic and policy challenges in Nigeria
These issues affect not only foreign but also domestic businesses.Analysts believe that these exits reflect the complexities of doing
They underscore the need for policy changes to make Nigeria more attractive for investment.In conclusion, the exit of these multinationals
from Nigeria signals a need for the Nigerian government to reassess its economic policies.By addressing these challenges, Nigeria could
