The decision by Procter & Gamble to discontinue manufacturing operations in Nigeria, opting for an import-only model, is indicative of a broader trend that may see more companies shutting down due to the ongoing forex challenges. The American company said it was shutting down manufacturing operations due to challenges operating as a dollar-denominated organisation and attributed its strategic shift to the macroeconomic conditions in Nigeria. At least five multinationals have winded down operations in Nigeria in the last 10 months. One of these firms is GlaxoSmithKline Consumer Nigeria – the firm announced plans in August to exit the country after 51 years of operations. “They have many reasons; it could be because of high inflation, high exchange rate, and insecurity, the problems are humongous,” he said.

Source: Punch December 10, 2023 14:20 UTC