Five multinational companies that exited Nigeria in 2024 

A notable exodus of multinationals recorded this year can be attributed to the country’s economic challenges particularly the poor value of the naira, swelling inflation and interest rates, and declining consumer purchasing power.

Last year, about 767 manufacturing companies shut down, according to the Manufacturers Association of Nigeria (MAN). The association also reported that up to 365 companies experienced distress in 2023 due to rising inflation and interest rates, as well as the volatility of the exchange rate.

Although small and medium-scale businesses are the most hit by the country’s harsh economic climate, big multinational companies are not spared. Below are five multinationals that exited Nigeria in 2024.

Global giant in marketing of personal care products, Kimberly-Clark (K-C) announced its decision to exit Nigeria in June. Recall that it left in 2019 and returned in 2021 with a $100m investment in Lagos.

The company, which described its exit as a “difficult decision” said it would no longer manufacture, market or sell its care products in the country local economic challenges and a need to “refocus company strategic priorities globally”.

South African retail company Pick n Pay exited Nigeria after selling its 51% stake in a joint venture with A.G. Leventis.

Diageo, a global company in the alcoholic beverages sector, announced its decision to exit Nigeria in June 2024 by selling its 58.02% stake in Guinness Nigeria Plc to Singaporean Tolaram Group.

Swiss building materials giant, Holcim AG also exited Nigeria this year, selling its 83.81% stake in Lafarge Africa PLC to Huaxin Cement Co., a Chinese company that recently started expanding to Africa. The acquisition was valued at $1 billion.

Norwegian energy company Equinor finalised the sale of its Nigerian assets this year after operating in the country for over 30 years.