- Many international and popular companies operating in Nigeria sold their assets to local investors and left the country.
- The companies were laid off after years of playing a significant role in employing thousands of Nigerians.
- The company’s CEOs have stated their reasons for leaving Nigeria, one of whom claims he will not return.
Several companies have left Nigeria in recent months, citing a variety of reasons for their decision.
The companies span various sectors, including oil and gas and the retail industry.
One of the companies is Game, which officially closed in 2022, after 17 years of operation in Nigeria.
Source: Facebook
The Game, owned by Massmart Holdings Limited, joins Shoprite, HSBC and Etisalat, among others, which have sold their assets and left for different reasons.
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Below are some notable companies that have sold their assets and left Nigeria in recent times.
- Truworths
- etisalat
- exxonmobil
- tiger markings
- HSBC and UBS
- Mr Price Group Ltd
- woolworths
- Shoprite
- Play
- Brunel Services plc
- iberia airline
- InterContinental Hotel Group
Reasons for leaving Nigeria
Without a doubt, Nigeria is a very attractive market to invest in Africa due to the large population and allodemographics.
BusinessDay reports that some of the reasons companies are leaving Nigeria are mainly currencies.
Most companies find it very difficult to obtain dollars or other foreign currencies to import goods or machinery.
It gets worse that even after “successfully” doing business in Nigeria, they find it difficult to repatriate the profits to their home countries.
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CEOs talk about the challenges of doing business in Nigeria
Speaking about the move to leave Nigeria, Mitch Slape, CEO of Massmart (owner of Game Stores), was quoted as saying that:
“The performance and complexity of running those businesses is something that, frankly, we needed to address.”
According to Fuller, game stores have consistently made losses.
added:
“It’s a different case if you’re losing while building a customer base or toward breaking even. But in this case, the game was already breaking even, they were profitable, and all of a sudden, the recession.”
“At the end of the day, you don’t have the products you want to sell, you don’t make enough money, and you can’t even deliver on the promise you make to customers, so why bother continuing the business?”
The concerns raised by Fuller were not unique to Nigeria, but to stores in African countries.
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Mr. Price CEO speaks
Reuters recently quoted Price CEO Mark Blair as complaining about what it’s like to run a business in Nigeria.
He said:
“Frankly, I’m not prepared to invest more, either in time or money, in a country as volatile as it is.
“In the early days, we were earning money, but now we are facing too many hurdles, either getting the money out, etc.”
For Truworths International, its CEO Michael Mark revealed that:
“The clothing company fought to get shares in Nigeria and get money out of the country.
“When an investment no longer generates viable returns, difficult decisions must be made to contain costs.”
See the economic performance of Buhari and Obasanjo
Meanwhile, the media space in recent days has been filled with comments from President Buhari and former President Olusegun Obasanjo.
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The comments began after Obasanjo publicly endorsed Labor Party candidate Peter Obi for president.
Legit.ng has decided to compare the economic figures of the two administrations as Buhari prepares to step down.
Source: Legit.ng
