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)
Question: Are there records of any companies that have replaced these exited companies?
President Tinubu and his commanders have been saying that he inherited this bad economy from former President Buhari, that maybe so, if one is judging lack of knowledge. It’s not lost on us that President Tinubu was part of that administration; that it was President Tinubu that sold Buhari to Nigerians. And President Tinubu was around to see Nigerians reacting to how bad things were going under Buhari. For him and his commanders to now keep claiming that he inherited this bad situation from Buhari, is really a stretch.