Many companies have decided to shut down their business operations in Nigeria in the last five years due to varying reasons such as economic decline, inflation, difficult economy, economic pressure, naira devaluation, theft, insecurity and so on.
List of companies that exited Nigeria in the past five years, and why:
1. ShopRite (Economic Decline) *
2. Uber (Economic Pressure)
3. Guinness (Forex Instability) *
4. Netflix (Inflation) **
5. Sanofi (Naira Devaluation)
6. Kimberly-Clark (Inflation + Operating Costs)
7. Equinor (Unprofitability)
8. Pick n Pay (Difficult Economy)
9. Amazon Prime (Inflation) **
10. Procter & Gamble (P&G) (Forex Instability)
11 GlaxoSmithKline Consumer Nigeria (GSK) (Forex Instability + Inflation)
12. Bolt Food (Economic Pressure)
13. Jumia Food Nigeria (Unprofitability)
14. Food Court (Financial Difficulty)
15. Microsoft (Economic Adjustment) **
16. TotalEnergies Nigeria (Vandalism and Security) ^
17. Shell (Theft and Security) ^
18. ExxonMobil (Declining Production) ^
19. Etisalat (Economic Pressure).Key * : Parent company exited and franchised but still operates.
Key **: Pulled major local funding, but still in use.
Key ^: Divested major assets but still operates.
(Nairaland. Photo: LLN)