₦airaland Forum

Nigeria economic crises deepens as another multinational corporation abandons the country. This time, Proctor and Gamble has closed its Nigeria's facilities over harsh operating environment. This is happening in quick succession after another multinational corporation, GSK jumped ship recently.

Proctor and Gamble has its facilities in Lagos, Ogun and Ibadan. The company stated it would now convert some of its remaining assets in Nigeria to full time importation only. This situation has resulted in the loss of 5000 jobs as well as revenue to the economy.

When GSK left Nigeria, the price of its vital products automatically skyrocketed beyond the reach of most Nigerians. Same situation is expected to occur with P&G.

The economic outlook of Nigeria remains gloomy as pundits wonder which company is going to exit Nigeria next.

https://www.google.com/amp/s/africa.businessinsider.com/local/markets/pandg-to-end-manufacturing-operations-in-nigeria-reverts-to-an-import-only-business/55d8rp8.amp

When I said locally investors are the best they call me stupid man.

A foriener can close at anytime but locally will be here

When you go out there looking for foreign investors you should know the consistency if they decide to leave.

That is why south east is best in Nigeria because 80 percent of the company are locally owned businesses.

The government should helpe so Nigeria can take control of thire economy not foreign country's

At the rate this is happening it seems most multinational companies are either on their way out or already out. I have counted 3 companies in ogun state , Lagos state axis within the last 3 weeks

madmohamed:
When I said locally investors are the best they call me stupid man.

A foriener can close at anytime but locally will be here

When you go out there looking for foreign investors you should know the consistency if they decide to leave.

That is why south east is best in Nigeria because 80 percent of the company are locally owned businesses.

The government should helpe so Nigeria can take control of thire economy not foreign country's

You're 💯 correct!
Foreign owned factories are closing down in droves in the SW while Igbo owned factories are opening in the SE.

I think this is the best opportunity for Igbos to effectively replace these foreigners but they should build them in the East.

Praise Jagaban and Buhari.

SSFeedsNigeria:
You're 💯 correct!
Foreign owned factories are closing down in droves in the SW while Igbo owned factories are opening in the SE.

I think this is the best opportunity for Igbos to effectively replace these foreigners but they should build them in the East.

How will the east ensure this bleeding doesn't not happen in the east as it seen the whole things is an economic epidemic from the apc government as a result of blunders arising from ineptitude in the management of the national economy

SharingIsLife:
Praise Jagaban and Buhari.

Someone mentioned to me that once economic regression starts and it starts in trickles. When it is not stopped on time it goes on to become revers

I was tired of FREESTUFFNG boasts. Very good. Let them all leave. At least I will breeettt small on Nairaland from all his useless posts. 😂😂

kettykin:
How will the east ensure this bleeding doesn't not happen in the east as it seen the whole things is an economic epidemic from the apc government as a result of blunders arising from ineptitude in the management of the national economy

Although every investor is affected by the crises but local investors, particularly Igbos have got an advantage. Firstly, unlike foreign investors that would need to convert worthless naira to dollars to repatriate profits, (and oftentimes the dollars are not even available) Igbo investors won't have such challenge since their profits remain in Nigeria.

Secondly, relatively low taxes in the East reduces their overhead costs. Also, a place like Aba has constant supply of electricity from Geometric and also gas from Shell. With nearness to markets for onward distribution at less costs to the company. Unlike MNC's that often build massive facilities that require sophisticated delivery logistics, Igbos have the advantage of maintaining economies of scale by building compact factories in commercial cities like Aba and Onitsha then leverage already existing distributors.

It's a golden opportunity for Igbos if they're intentional about it.

We told the economic iliterates from the waste side not to rely on multinationals but they didn't hear. Innoson in expanding but GSK and P&G are gone

Meanwhile, I saw a "tear rubber" Innoson SUV parked by the roadside today and was so impressed. The vehicle still had its seats covered with nylon.

I must say that Igbos are indeed underrated in Nigeria.

madmohamed:
When I said locally investors are the best they call me stupid man.

A foriener can close at anytime but locally will be here

When you go out there looking for foreign investors you should know the consistency if they decide to leave.

That is why south east is best in Nigeria because 80 percent of the company are locally owned businesses.

The government should helpe so Nigeria can take control of thire economy not foreign country's

The IGR hungry economic iliterates from the wasteland will never learn

Terrible

I wonder why you guys will always insult other just o prove your point.
Back to the topic. FDI is good, but not at the expense of local firms

This is how to hit the ground running Una mind go dey. He has not even done one year out of 8years yet.

madmohamed:
When I said locally investors are the best they call me stupid man.

A foriener can close at anytime but locally will be here

When you go out there looking for foreign investors you should know the consistency if they decide to leave.

That is why south east is best in Nigeria because 80 percent of the company are locally owned businesses.

The government should helpe so Nigeria can take control of thire economy not foreign country's

Foreigners will tell you they are bringing $10 million dollars to invest. They will come with $1 million, borrow $9 million from local bank. They repatriate $50 million every year for next donkey years while paying your people slave wage and settling tax people to game the system

So many people would be rendered jobless as result of poor electrical process hope tinibulation is aware of this