Suggestions




·

How Exit Of 15 Multinationals From Nigeria In 3 years Affects Economy – NECA

January 10, 2024
by

The Nigeria Employers’ Consultative Association (NECA) has raised the alarm over the departure of 15 major multinationals in the last three years, warning about the severe repercussions on the country’s economy.

In an interview, Adewale Oyerinde, NECA’s Director-General, highlighted the far-reaching effects, saying, “Over 20,000 employees have been impacted, leading to increased insecurity, rising child labor rates, and financial strain on households.”

Expressing deep concern about the escalating unemployment due to global divestment and local closures, Oyerinde cautioned, “This trend not only affects organized businesses but also government revenue and households.” NECA examined exits of longstanding companies like GSK, Sanofi, Procter & Gamble, and Nampak, raising concerns about the broader business ecosystem.

READ ALSO: GSK, JSM Exit Will Further Squeeze Nigeria’s Health Sector – Obi 

Highlighting the potential ripple effect, he said: “The departure of major corporations jeopardizes the sustainability of secondary businesses within the value chain, posing risks to their employees and existence. This crisis warrants urgent attention.”

Recent exits by Unilever Nigeria and Procter & Gamble further exacerbate the situation. Unilever exited specific markets, aiming for a “more sustainable and profitable business model,” while Procter & Gamble finalized its exit last year.

The call is clear: the country’s value chain faces a significant threat, demanding immediate action to safeguard businesses and mitigate the adverse impact on Nigeria’s economy.

Join our WhatsApp Channel
Emmanuel Ochayi
+ posts

Emmanuel Ochayi

Related Posts

NGX: Access Holdings, FBNH Join UBA In N1trn Market Cap Club
Previous Story

NGX: Access Holdings, FBNH Join UBA In N1trn Market Cap Club

Why Foreign Investments In Nigerian Startups Dropped By 65%
Next Story

Why Foreign Investments In Nigerian Startups Dropped By 65%

Featured Stories

Related Posts

Latest from Business

Each Nigerian Paid Nearly ₦19,000 to Electricity DisCos in December 2025

On average, each electricity consumer in Nigeria contributed about ₦18,860 to distribution companies (DisCos) in December 2025, the Nigerian Electricity Regulatory Commission (NERC) reported Friday. DisCos billed ₦258.66 billion of the ₦309.65 billion worth of electricity supplied, achieving a billing efficiency of
John Holt, CWG, Others End Nigerian Stock Market Losing Streak With N141.70bn Gain

Nigerian Stock Market Valuation Rises By N119bn

The Nigerian Exchange (NGX), also known as the stock market, recorded a N119.03 billion gain on Friday, March 6, after the market valuation of the bourse increased to N126.43 trillion, from the N126.31 trillion reported on Thursday, March 5. At the end

Manufacturers Call for Natural Gas Shift to Maximise Production

Manufacturers in southeast Nigeria have urged a shift from diesel to natural gas to lower soaring energy costs and boost industrial growth, warning that unreliable and expensive power supply threatens the survival of factories. Adaora Chukwudozie, chair of the South-East region of
NGX: Access Holdings, FBNH Join UBA In N1trn Market Cap Club
Previous Story

NGX: Access Holdings, FBNH Join UBA In N1trn Market Cap Club

Why Foreign Investments In Nigerian Startups Dropped By 65%
Next Story

Why Foreign Investments In Nigerian Startups Dropped By 65%

Don't Miss

“Peter Dinklage Is Actually Hurting The Dwarf Community With His Criticism”

‘Peter Dinklage’s Criticisms Hurting The Dwarf Community’

American professional wrestler and actor, Dylan Postl has spanked Peter
'A Tribe Called Judah' Ends Cinema Run With ₦1.4 Billion

Nigerian Box Office Makes ₦1.2 Billion In January

The Cinema Exhibitors Association of Nigeria (CEAN) on Tuesday said