Foreign Investors Pull N310bn

Foreign Investors Pull N310bn

Major Companies Exit Nigeria, Causing Loss of Billions in Investments

Recently, several multinational companies have decided to leave Nigeria, which is causing a big problem for the country’s economy. These companies are taking away a total of $335 million (about N310bn) in Foreign Direct Investments, also known as FDI.

Procter & Gamble and Equinor Exit Nigeria

Two of the latest companies to leave Nigeria are Procter & Gamble (P&G) and Equinor. P&G is a big global company that makes consumer goods, and Equinor is a major player in the oil industry.

P&G has decided to stop making its products in Nigeria and will instead import them from other countries. Equinor has sold its Nigerian business, including its share in the Agbami oil field, to a Nigerian company called Chappal Energies.

Reasons for the Exits

P&G’s Chief Financial Officer, Andre Schulten, explained that the company is leaving because it’s difficult to do business in Nigeria and make money in US dollars.

Nina Koch, Equinor’s Senior Vice President for Africa Operations, said that Nigeria has been an important part of their business for 30 years. However, they decided to leave to focus on other, more profitable areas.

ECOWAS: Coups Fueling Insecurity

Other Companies that Left Nigeria

In the past few months, two other big companies, GlaxoSmithKline (GSK) and Sanofi-Aventis, also left Nigeria. They took away assets worth over $800 million because they found it too difficult to operate in the country.

All these exits are causing a lot of problems for Nigeria’s economy. The country is losing a significant amount of money and investments, which could have been used to create jobs and improve the lives of its people.

Be the first to comment

Leave a Reply