₦airaland Forum

We are aware that Guinness just recently announced it exit from the country, a company that has been in operational for over 60 years in Nigeria. Just this year alone we have recorded several multinational companies leaving the country.

What could be the reason for their exiting.

Let’s share ideas.

Even citizens are looking for ways to Japa talkless of multinational companies, who like to suffer.

They are making way for the upcoming once according to APC.

mistacoco2:
We are aware that Guinness just recently announced it exit from the country, a company that has been in operational for over 60 years in Nigeria. Just this year alone we have recorded several multinational companies leaving the country.

What could be the reason for their exiting.

Let’s share ideas.

Because they are losing money..

P&G left last year and I said the comment below to another NL user:

P&G said Nigeria is a $50m net sales country which means when they convert their sales to dollars they get $50m in 2022/2023 which means they make around N60b in sales.

Exchange rate for $$ in 2023 is around N900 - N1200 per dollar

Now divide N60b by N1200 you will get around $50m.

But in 2014 - 2015 the exchange rate for $$ was around N180 - N200.
So Let's assume they were still making N60billion in sales in 2014-2015.

Now divide the same N60b by N200 you will get around $300m.

So they went from making at least $300m per year in 2014 to making $50m per year in 2023.

If you were the owner of the company won't you close your operations.