Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,151,315 members, 7,811,940 topics. Date: Monday, 29 April 2024 at 12:11 AM

P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business (23132 Views)

Emmanuel Chigozie Eze: P&G Head Of Sales Spent Firm’s N20m On Online Betting / Correct Facts About Why P&G Is Shutting Down Its $300 Million Agbara Plant / P&G To Shut Down $300 Million Nigeria Production Plant, A Year After Launch (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (Reply) (Go Down)

P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Jokerman(m): 6:47pm On Dec 06, 2023
Consumer goods giant Procter & Gamble has stated it plans to dissolve on-ground operations in Nigeria and turn its country into an import market.

The Chief Financial Officer of the group Andre Schulten stated this during his presentation at the Morgan Stanley Global Consumer & Retail Conference.

The company explained that it is difficult to do business in Nigeria as a dollar-denominated organisation and the macroeconomic reality in Nigeria is responsible for its latest strategic decision.

What the company said:
Mr Schulten stated, “The other reality that arises in some of these markets is that it gets increasingly difficult to operate and create U.S dollar value. So when you think about places like Nigeria and Argentina, it is difficult for us to operate because of the macroeconomic environment.”

It further explained that the decision will help the company focus on markets that have the highest potential.

Reacting to questions bothering on the effect of the company’s planned restructuring in Nigeria and Argentina on its overall group’s portfolio, the CFO explained that Nigeria is a $50 million net sales business.

Compared to its overall portfolio worth $85 billion, the company does not anticipate any material impact on the group’s balance sheet from a sales or profitability standpoint.

Backstory
The current macroeconomic conditions in Nigeria have negatively affected foreign USD-denominated companies in Nigeria. In August, drug maker GSK announced it’s ceasing operations in Nigeria and appointing a third party to take over distributions.

These companies have often cited difficulty in sending back U.S. dollars outside Nigeria. The Central Bank has acknowledged it has a forex backlog to the tune of around $7 billion.


https://nairametrics.com/2023/12/06/pg-to-dissolve-ground-operations-in-nigeria-revert-to-an-import-only-business-model/

9 Likes 1 Share

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Jokerman(m): 6:49pm On Dec 06, 2023
1. If P&G leaves, means many people will lose their jobs?? Na wa o

2. What about their products, hope price won't increase again o?

God help us... And local companies don't have capital to start...

Make I go learn importation business o

112 Likes 2 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by immortalcrown(m): 6:49pm On Dec 06, 2023
"Hit the ground running."

The message is becoming clear now. It was a parable before now.

246 Likes 8 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by anungangampu: 7:09pm On Dec 06, 2023
This isnt good at all. Achievement of other Presidents getting bastardised.
If there is something this foreign companies are seing we are yet to see ?

2024 will reveal alot.

162 Likes 4 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by tsdarkside(m): 7:17pm On Dec 06, 2023
they only come to nigeria for the dollars....

nothing else....
when we tell una this foreighn companies are doing nigeria no good,una will not listen....

351 Likes 20 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by SadiqBabaSani: 7:18pm On Dec 06, 2023
Apc shame on you demons

113 Likes 5 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Splashme: 7:19pm On Dec 06, 2023
When a thief is your president ...
.

111 Likes 6 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Matinox: 7:19pm On Dec 06, 2023
Amazing

1 Like

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Ozommadu: 7:19pm On Dec 06, 2023
Apc yoruba SW destroyed this country with their deceit and propaganda.


The day of reckoning is coming

107 Likes 8 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Onyiridike(f): 7:55pm On Dec 06, 2023
They are still teaching Obi and Igbos lesson.

They think 2023 is 1960.

Go ahead and destroy your country with your hands.

212 Likes 15 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Clickairtravels: 8:05pm On Dec 06, 2023
Ipob company

26 Likes 6 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by IamAtikulate: 8:13pm On Dec 06, 2023
I hope Nigerians are seeing the dangers of relying on FDI for industrialisation.

Nothing beats growing your economy with indigenous companies. They are always loyal.

Kudos to Anambra people.

I hope Ogun is watching.

123 Likes 7 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Dsimmer: 8:17pm On Dec 06, 2023
If they're only going to import, they should leave the country as soon as possible. Who tell them the people in the country can't import themselves if they want? They're the ones sabotaging this country for us.

27 Likes 5 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Ojuntana: 8:25pm On Dec 06, 2023
APC is a natural disaster
Mismanaged our unity in diversity
Destroyed our once booming economy
Messed up our internal security
The only thing they are good at is recruiting miscreants for lies and propaganda

111 Likes 6 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by nedu666: 9:00pm On Dec 06, 2023
I don't blame them. Like seriously a country of 200 million people generated a net sales of $50 million dollars. As in that is the height of poverty. Nigerians purchasing power has taken a serious hit

112 Likes 6 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Twist4u: 9:22pm On Dec 06, 2023
NA STATISTICS WE GO CHOP!!!.

The day I heard this words during APC campaign and when INEC hand over presidency to him..


I knew...it is ...Otilohhhh!!!!!! for Nigeria


Like..Johnny Walker...


keep walking......

86 Likes 5 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by treesun: 9:31pm On Dec 06, 2023
Jokerman:


https://nairametrics.com/2023/12/06/pg-to-dissolve-ground-operations-in-nigeria-revert-to-an-import-only-business-model/
APC is destroying everything destroyable!

27 Likes 2 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by AntiChristian: 9:31pm On Dec 06, 2023
Tinubu is at fault here!
As soon as he was sworn in he should have given all poor Nigerians one million to eradicate poverty!

We have too much oil and natural resources to pay us all!

And he should have provided free raw material too for all industries to mitigate against them going away!

I tire for Nigeria!

Please which country can I migrate to and get new citizenship?

Don't mention Argentina cos P & G is leaving Argentina too!

Argentina is same as Nigeria as P & G don comot too!
cheesy

8 Likes 2 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Beuberry(f): 9:32pm On Dec 06, 2023
Bad news. Many ll lose jobs

16 Likes

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by iwaeda: 9:32pm On Dec 06, 2023
Jokerman:


https://nairametrics.com/2023/12/06/pg-to-dissolve-ground-operations-in-nigeria-revert-to-an-import-only-business-model/
They are wasting scarce resources to travel round the world. Everyone is leaving creating unemployment, APC is really a cancer. Nigeria will rise against this evil team. grin grin grin grin

41 Likes 1 Share

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by VikingKing: 9:32pm On Dec 06, 2023
FreeStuffsNG and his co travellers will tell you that all is well. That's how they will continue to fool you people into fighting Igbo vs Yoruba fight while their pay masters decimate this country.

Nigeria's death started the day Jonathan handed power to a cattle rearer. May God punish him for that!

If only APC can focus half the energy they use in paying online propagandists and half the time they use in rigging elections into developing this country, Nigeria would've at least been a bit better than Jonathan left it. But look at us today

68 Likes 2 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Rebuker(m): 9:33pm On Dec 06, 2023
It's not easy to a run a business here

8 Likes 1 Share

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Antoeni(m): 9:33pm On Dec 06, 2023
Anything Tinubu APC Government Touches, Dies

35 Likes 2 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Seefinish: 9:33pm On Dec 06, 2023
Tinubu's slogan should be " Renewed Hopeless"

27 Likes

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Dailymice: 9:33pm On Dec 06, 2023
grin
Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by happney65: 9:34pm On Dec 06, 2023
You people are wailing so fast. Wait till Quarter of Next year before you know the gravity of this.

"Na statistics we go chop" so says a so called presidential candidate

53 Likes 4 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Princebest(m): 9:35pm On Dec 06, 2023
Sad. I pity those that will be out of job as a result of this.


Thing like this is why being self employed is still the best.



Check my Bio for easy skills to help you start up something for yourself.

8 Likes

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Offpoint1: 9:35pm On Dec 06, 2023
Cassava Ewa garri people will focus on ARGENTINA in the write up.


Lagos builder no fit mould common block when dey give am Nigeria to renovate

28 Likes 4 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Saladdin: 9:36pm On Dec 06, 2023
Nigeria is definitely not one of P&G's strongest market. The ROI is not justifying the investment on ground.

Had Nigerian been a working nation that supports it's SMEs, this is the best chance for upcoming FMCGs in the country to fill the gap.

Similar issue happened in '91 during Babangida's SAP, but the business terrain then is still less stifling that what we have now.

Too bad, as thousands of jobs (direct and indirect) will be lost. But who can blame the company? Companies follow profit not emotions.

28 Likes 2 Shares

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by Firstorderwizard(m): 9:37pm On Dec 06, 2023
More addition to the already over saturated unemployment pool.
This generation of Nigerian youths is a waste of generation.
I wonder how history and posterity will describe them embarassed

17 Likes

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by zoedew: 9:38pm On Dec 06, 2023
Power! That is what Tinubu should see to and all else will fall in place! All the junketing is needless! Fix power and the FDI will flood Nigeria. We've got the market! The economy is big!!! Where is his Enron barge initiative of yore et al🧐🤔. Now Tinubu is President and OBADsanjo is out in the cold!

4 Likes

Re: P&G To Dissolve Ground Operations In Nigeria, Revert To An Import-only Business by PHIPEX(m): 9:38pm On Dec 06, 2023
They keep leaving while we keep on looking for more foreign investors rather than plugging the hole that's making them leave.

How about grooming more local investors?

31 Likes 4 Shares

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (Reply)

Rencap Predicts Further Naira Devaluation / N500b Capital Base: Capital Needed By Commercial Banks With International Spread / A Blind Man In Jos Selling Phone Cords/Chargers (Photos)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 26
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.