Multinational Companies Exit Nigeria Under Tinubu's Leadership

Since President Bola Tinubu assumed office in May 2023, several multinational companies have exited or significantly reduced their operations in Nigeria. Norwegian energy company Equinor announced in November 2023 its decision to sell its Nigerian business to Chappal Energies, completing the transaction on December 6, 2024, for up to $1.2 billion.

This marked Equinor's complete exit after over 30 years in Nigeria, with assets including interests in OML 128 and the Agbami oil field. Kimberly-Clark, an American manufacturer, revealed in May 2024 its exit after nearly 15 years, closing its Lagos facility and ceasing production of Huggies and Kotex due to changes in global priorities and local economic conditions.

Procter & Gamble announced in December 2023 that it would shift to an import-only model, ending local manufacturing of its products due to the challenges of operating in Nigeria's dollar-denominated economy. Additionally, Binance discontinued all naira services in March 2024 following regulatory issues with the Nigerian government.