Multinationals Scale Back Operations in Nigeria (2023)

Since 2023, Nigeria has experienced a wave of multinational exits and operational restructuring, with companies like GlaxoSmithKline (GSK), Procter & Gamble, and Unilever reducing their direct operations. GSK announced a shift to a third-party distribution model, citing challenges in the business environment.

Procter & Gamble ceased local production, opting for an import-based model due to difficulties accessing foreign currency. Unilever restructured its operations, ending local production of some products, reflecting the economic pressures in Nigeria.

Sanofi also restructured its operations, relying more on local partners. Equinor completed its exit from Nigeria's upstream oil sector by selling its business to Chappal Energies, marking a clear corporate exit.

PZ Cussons is exploring strategic options for its Nigerian operations amid severe economic pressures. These changes highlight the challenges of doing business in Nigeria, including inflation, energy costs, and weak consumer purchasing power.