"Companies that exited Nigeria in 2023"

" Companies that exited Nigeria in 2023 \r\n\r\n \r\n\r\nThe inception of the economically challenging year was marked by the ill-timed and poorly executed Naira redesign, leading to\u00a0 artificial cash scarcity . In the first quarter of 2023,\u00a0 Nigeria\u2019s GDP growth \u00a0reportedly fell to 2.31 per cent from 3.52 per cent in the fourth quarter of 2022.\r\n\r\n \r\n \r\n\r\nShortly thereafter, came the general elections in Africa's largest economy \u2013 a highly anticipated event that, as usual, sparked caution among investors. With the new president came a series of policies and economic reforms.\r\n\r\n \r\n \r\n\r\nSo, from floating the naira to ditching the\u00a0 age-old fuel subsidy \u00a0and rolling out new\u00a0 tax reforms, Nigeria's economy got a major makeover.\r\n\r\n \r\n \r\n\r\nThe reforms escalated the challenges Nigeria's economic scene had long contended with, including a\u00a0 power crisis , constant\u00a0 devaluation of the naira , and\u00a0 forex scarcity .\r\n\r\n \r\n \r\n\r\nThis triggered the departure of companies, ranging from multinationals to small businesses shutting their doors in 2023.\r\n\r\n \r\n \r\n\r\nBut things may be different in 2024; there have been positive economic forecasts for the country. According to the United Nation\u2019s\u00a0 World Economic Prospect report for 2024, \u00a0Nigeria\u2019s economic growth is set to extend from 3.0 in 2023, to 3.1. The\u00a0 International Monetary Fund \u00a0holds a similar outlook.\r\n\r\n \r\n \r\n\r\n Below are 10 companies that exited Nigeria, Africa\u2019s largest economy in 2023: \r\n\r\n \r\n \r\n 1. GlaxoSmithKline \r\n \r\n \r\n \r\n \" alt=\"GSK shuts down operations in Nigeria, to refund shareholders. [TheCable]\" width=\"790\" height=\"445\" data-original=\"https:\/\/ocdn.eu\/pulscms-transforms\/1\/Pq1ktkpTURBXy9hNmFhZDhiMWQzNDNkZjQ2YThjYmM3YzJkOTZmYTZmMS5qcGeRlQLNAxbNAb3Cww\" \/> \r\n GSK shuts down operations in Nigeria, to refund shareholders.\u00a0 \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nIn August,\u00a0 GlaxoSmithKline UK exited Nigeria's pharmaceutical market \u00a0after over 51 years due to challenges like foreign exchange complexities, security concerns, and high operational costs.\r\n\r\n \r\n \r\n 2. Procter & Gamble (P&G) \r\n \r\n \r\n \r\n \" alt=\"Procter & Gamble [Businessday]\" width=\"700\" height=\"400\" data-original=\"https:\/\/ocdn.eu\/pulscms-transforms\/1\/IQFktkpTURBXy83ZmIwNjJhOGE5NjA4NWM1Y2VmYmNmMDQ0YmM4OWM4Mi5wbmeRlQLNArzNAZDCww\" \/> \r\n Procter & Gamble [Businessday] \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nIn December,\u00a0 P&G discontinued its on-ground operations in Nigeria, transforming the country into an import-focused market. The company cited challenges in conducting business as a dollar-denominated organization and attributed its strategic decision to the macroeconomic conditions in Nigeria.\r\n\r\n \r\n \r\n 3. Sanofi \r\n \r\n \r\n \r\n \" alt=\"Sanofi\" width=\"700\" height=\"400\" data-original=\"https:\/\/ocdn.eu\/pulscms-transforms\/1\/TgYktkpTURBXy80ZDhmNTZkNDIzNzk4ZjUyYWMyOTgxMTc1M2Y3NWQ0Yi5wbmeRlQLNArzNAZDCww\" \/> \r\n Sanofi \r\n \r\n \r\n \r\n \r\n\r\nIn November, Sanofi, a French pharmaceutical multinational discreetly announced its exit from Nigerian operations. The company said it has appointed a third-party distributor to handle its commercial portfolio of medicines from February 2024.\r\n\r\n \r\n \r\n\r\nAnalysts say the move signals a consequence of the troubles foreign-owned businesses are facing with foreign exchange-related losses.\r\n\r\n \r\n \r\n 4. Jumia Food \r\n \r\n \r\n \r\n \r\n \r\n \r\n \" alt=\"A Jumia signage\" width=\"700\" height=\"400\" data-original=\"https:\/\/ocdn.eu\/pulscms-transforms\/1\/msHktkpTURBXy9jZjMyYjg4MjkyNTRlMDUwNjM4OWNiZTMyMDBkZTAzYy5wbmeRlQLNArzNAZDCww\" \/> \r\n A Jumia signage \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nIn December,\u00a0 Jumia Food made its exit from Nigeria , along with six other African countries. The move is in line with Jumia's strategy to optimize its capital and resource allocation and to continue its path to profitability.\r\n\r\n \r\n \r\n 5. Bolt Food \r\n \r\n \r\n \r\n \" alt=\"Bolt-Food\" width=\"790\" height=\"445\" data-original=\"https:\/\/ocdn.eu\/pulscms-transforms\/1\/zpEktkqTURBXy82NzY2Y2I1MTQzNTA1ZGRiOTYzODFkZTc5OGVlYjEyNS5qcGVnkZUCzQMWzQG9wsM\" \/> \r\n Bolt-Food \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nIn December, Bot Food exited the Nigerian market. The company announced its decision as a move to streamline its resources and maximise its overall efficiency.\r\n\r\n \r\n \r\n 6. 54gene \r\n \r\n \r\n \r\n \" alt=\"54 Gene\" width=\"790\" height=\"439\" data-original=\"https:\/\/ocdn.eu\/pulscms-transforms\/1\/-K6ktkpTURBXy82NjhiNzdlM2FkYzA2MWU5YzBhMDhjNjJjZjNmNDRjZi5wbmeRlQLNAxbNAbfCww\" \/> \r\n 54 Gene \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nAfter securing $45 million in funding, genomics startup\u00a0 54gene departed Nigeria \u00a0in September, concluding a tumultuous year marred by leadership changes, staff complaints, and legal issues, despite the substantial funding raise.\r\n\r\n \r\n \r\n 7. Equinor \r\n \r\n \r\n \r\n \" alt=\"Equinor-\" width=\"790\" height=\"545\" data-original=\"https:\/\/ocdn.eu\/pulscms-transforms\/1\/dYqktkpTURBXy9mZDU1YzljZmM1OWU1MjQ1N2MxMjE1NTc5ZTFjOTljYS5wbmeRlQLNAxbNAiHCww\" \/> \r\n Equinor- \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nEquinor Nigeria Energy Company (ENEC), a Norwegian energy corporation, divested from its Nigerian operations in November. ENEC, which owns a 53.85% stake in oil mining lease (OML) 128, including a 20.21% interest in the Chevron-operated Agbami field.\r\n\r\n \r\n \r\n\r\nThe sale of its assets brought an end to Equinox\u2019s over three decades of presence in Nigeria dating back to 1992.\r\n\r\n \r\n \r\n 8. Lazerpay \r\n \r\n \r\n \r\n \" alt=\"Lazerpay-team\" width=\"790\" height=\"527\" data-original=\"https:\/\/ocdn.eu\/pulscms-transforms\/1\/cj7ktkpTURBXy82ZmJhMjllZDViM2YyMWM1ZDBhOGMzMDg1MTJjNzQ5NC5qcGeRlQLNAxbNAg_Cww\" \/> \r\n Lazerpay-team \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nLazerpay, a web3 and crypto payment company, shut its operations in April. The decision to shut down comes several months after the founder, Njoku Emmanuel, revealed the company's challenges in raising funds.\r\n\r\n \r\n \r\n 9. MABISCO Biscuits \r\n \r\n \r\n \r\n \" alt=\"Mayor-Biscuits-Company-Limited\" width=\"586\" height=\"318\" data-original=\"https:\/\/ocdn.eu\/pulscms-transforms\/1\/9-0ktkpTURBXy82ZWI3M2RjYTM5ZDY3MDNkOGQ0YzU3Njc5NDY0YjEwZi5qcGeRlQLNAkrNAT7Cww\" \/> \r\n Mayor-Biscuits-Company-Limited \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nIn October, Mayor Biscuits Company Limited (MABISCO), a biscuit manufacturing company in Nigeria announced the shutdown of its operations and the intention to sell its biscuit production facility.\r\n\r\n \r\n \r\n\r\nIn 7 years, MABISCO has accumulated 5% market share in the Nigerian biscuits market, with a sustained market presences in the north, west and east of the country.\r\n\r\n \r\n \r\n \r\n "

"Companies that exited Nigeria in 2023"

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