Companies that exited Nigeria in 2023
The inception of the economically challenging year was marked by the ill-timed and poorly executed Naira redesign, leading to artificial cash scarcity. In the first quarter of 2023, Nigeria’s GDP growth reportedly fell to 2.31 per cent from 3.52 per cent in the fourth quarter of 2022.
Shortly thereafter, came the general elections in Africa’s largest economy – a highly anticipated event that, as usual, sparked caution among investors. With the new president came a series of policies and economic reforms.
So, from floating the naira to ditching the age-old fuel subsidy and rolling out new tax reforms, Nigeria’s economy got a major makeover.
The reforms escalated the challenges Nigeria’s economic scene had long contended with, including a power crisis, constant devaluation of the naira, and forex scarcity.
This triggered the departure of companies, ranging from multinationals to small businesses shutting their doors in 2023.
But things may be different in 2024; there have been positive economic forecasts for the country. According to the United Nation’s World Economic Prospect report for 2024, Nigeria’s economic growth is set to extend from 3.0 in 2023, to 3.1. The International Monetary Fund holds a similar outlook.
Below are 10 companies that exited Nigeria, Africa’s largest economy in 2023:
1. GlaxoSmithKline
In August, GlaxoSmithKline UK exited Nigeria’s pharmaceutical market after over 51 years due to challenges like foreign exchange complexities, security concerns, and high operational costs.
