Against the backdrop of more exits from ground operations in Nigeria by more multinational companies, Nigeria’s economy is expected to lose $335 million (about N310bn) in Foreign Direct Investments, FDI.

The amount represents the combined assets value of the two latest exit announcements by Procter & Gamble, P&G, a major global player in the Fast Moving Consumer Goods, FMCG, segment and Equinor, another global player in the upstream oil sector.



Procter & Gamble (P&G), an American multinational consumer goods, says it has plans to transition from local production to solely importing its products as the firm winds down its on-ground presence in Nigeria.

Equinor is exiting after selling its Nigerian business, including its share in the Agbami oil field to Nigerian-owned energy company Chappal Energies.

Explaining the decision, Andre Schulten, chief financial officer, P&G, said the decision is a result of “the challenging business environment in Nigeria, as well as the difficulty in creating US dollar value.”

On his part, Equinor’s Senior Vice President for Africa Operations, Nina Koch, in a statement, said: “Nigeria has been an important part of Equinor’s international portfolio over the past 30 years.

“This transaction realises value and is in line with Equinor’s strategy to optimize its international oil and gas portfolio and focus on core areas.”

In the second half of this year two other major multinational companies, GlaxoSmithKline, GSK, Consumer Nigeria Plc and Sanofi-Aventis Nigeria Limited, a French pharmaceutical company, pulled out assets estimated at over $800 million from Nigeria, citing harsh operating environment.


https://www.vanguardngr.com/2023/12/foreign-investors-pull-out-n310bn-assets-as-pg-equinor-exit-nigeria/

Hmmmmmmm..............
No patriotic Nigerian will read the news of these major blue chip companies exiting Nigeria and go to bed feeling at ease.
These companies are striking a blow at the heart of the ordinary Nigerian in this trying period,but I believe this is not a time to be despondent or sink into despair.
I believe this is the time the Ministry of Labour,the Nigeria Labor congress and the Trade Union Congress must be up and doing.
A lot of Workers will definitely lose their jobs,so government should please ensure these companies have a retirement package that's befitting and liveable to those innocent employees.
There are people who will never be compensated like logistics contractors,some outsourced duties like cleaners, gardeners,Drivers and many more who are not directly employed by these companies.
To all the above,I can only wish them well in their future endeavors.
We must begin to tell.ourselves some hard truth about these companies,Nigeria must no longer be at the mercy of these companies who are only in Nigeria to repatriate Foreign currency back to their Headquarters.
I know Asiwaju is really trying to bring foreign capital to Nigeria but we must never do it at the expense of hard-working Nigerians.
Any company opening a factory in Nigeria must henceforth leave an equity ownership for Nigerians.
No company must be owned 100% by foreigners,if not in another 10 years from now,we will repeat this cycle all over again.
For everyone who's losing their jobs because of the exit of these companies,May Eledumare strengthen you at this difficult time.
God bless Nigeria.

Faiththatworks:
Hi

Nlfpmod, dollar is N937 at official rate. Diesel is N1300 per litre. Think about it.

A big blow to our economy

rottable:
A big blow to our economy

Very big blow. Unemployment skyrocketing.

Mynd44 , Nlfpmod, hope cocacola are still here with formular X