Connect with us

EVENTS

Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years

Published

on

 

As Nigeria battles an economic crisis sparked by the government’s twin policies of petrol subsidy removal and unification of FX windows, United Kingdom-based Diageo joined about 15 other multinational companies that have exited the country in the past three years.

Diageo is the latest to announce its departure on Tuesday, June 11 when it said it will sell its 58.02% stake in Guinness Nigeria to Tolaram.

Diageo joins others like Kimberly-Clark, manufacturers of Huggies and Kotex brands of diapers; US-based Procter and Gamble (P&G); GlaxoSmithKline (GSK); Unilever and Sanofi-Aventi Nigeria, who are either exiting completely or reducing their exposure in a country facing its worst cost-of-living crisis in decades.

Unilever Nigeria announced its exit from the home care and skin cleansing markets in Nigeria in November 2023, saying it did so “to find a more sustainable and profitable business model.”
Procter & Gamble was the last to announce its exit from the country the same year.
Similar reasons given by these and other companies include high energy costs, currency depreciation, insecurity etc.

The Federal Government itself acknowledged these challenges in an interview granted by Minister of Finance, Wale Edun on Channels Television’s Sunday Politics programme, where he said “lack of a liquid foreign exchange market was the major reason why some multinational companies exited Nigeria,” explaining that the inability of the exiting multinationals to access foreign exchange was a major impediment to their operations in the country.

Weighing-in, the Director-General of Nigeria Employers’ Consultative Association, NECA, Adewale Oyerinde, disclosed that at least 15 multinationals have either divested or partially closed operations in the country in the last three years.

Oyerinde, in his assessment, stated: “Over 15 organisations, with a combined value-chain staff strength of over 20,000 employees, have either divested or partially closed operations,” lamenting that this has “dire consequences not only for organised businesses but also for labour, government revenue and the households; massive job losses across sectors, which would continue to create insecurity challenges”.

Oyerinde added, “When NECA examined the exit of prominent companies like GSK, Sanofi, Procter & Gamble, Nampak, and others, who had been doing business in Nigeria for decades and were huge employers of labour, it was worried about the ripple effect on the broader business ecosystem.

“Within the value chain, numerous enterprises serve as suppliers to these major corporations, and their sustainability is significantly compromised when the primary businesses they cater to face extinction.

“The survival prospects of these secondary businesses are at stake, and their employees are also at risk, as the departure of the main clients could lead to their demise. The crisis within the value chain deserves more attention than it currently receives”.

Related NewsJob losses: 10,733 affected workers get N4.5b part pension paymentJob Losses: 10,733 affected workers get N4.5bn part pension paymentReactions as Warri lady ‘tired of life’ jumps from flyover to death

Other sectoral group leaders and analysts maintain that the continuous exit of multinational firms would dampen Nigeria’s $1trn GDP target of President Bola Tinubu’s administration.

The President had, at the 29th Nigeria Economic Summit in Abuja, told business leaders and Nigerians that Nigeria’s economy can grow to $1 trillion by 2026.

Analysts believe the persistent exit of multinational companies from the country is set to impact negatively on this target.

Data from the National Bureau of Statistics (NBS) revealed that the performance of the GDP in the first quarter of 2024 was driven mainly by the services sector, which recorded a growth of 4.32 per cent and contributed 58.04 per cent to the aggregate GDP, whereas the nominal GDP growth of the manufacturing sector in the first quarter of 2024 was recorded at 8.21 per cent (year-on-year), 9.64 per cent points lower than the figure recorded in the corresponding period of 2023.

Real GDP growth in the manufacturing sector in the first quarter of 2024, on its part, was 1.49 per cent (year-on-year), lower than the same quarter of 2023.

Reacting to this, President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye said, “MAN expects the government to frontally address insecurity, improve electricity supply, promote fiscal sustainability and ensure policy consistency.

“Among other priorities, the fiscal authority must also lend supportive measures by adequately incentivising the manufacturing sector and other productive sectors.

“This is very important to boost non-oil export earnings in addition to the increase in oil export proceeds occasioned by increased oil production, rising global oil prices and the coming on stream of the Dangote Refinery”.

Director-General of Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, also speaking on the issue, said: “Over the last few months, there has been a consistent increase in exit plans or a reduction in involvement in the Nigerian market by the multinationals, and this trend is worrisome.

“We have seen the likes of Unilever Nigeria, GlaxoSmithKline, and recently now Guinness Nigeria Plc.

“In Nigeria, lingering foreign exchange scarcity, poor power supply, port congestion, multiple taxation, insecurity, and poor infrastructure, among others, have taken a toll on many businesses in the country.”

The chamber recommended that the government should implement measures to stabilise and ensure the availability of foreign exchange for businesses, particularly those operating in dollar-denominated environments, also imploring the government to create a more flexible and transparent foreign exchange policy to address scarcity issues.

“Further, the Chamber urges the government to engage multinational corporations and the business community to understand their challenges and gather input and feedback on policy decisions to collaboratively develop solutions that will forestall the exodus of businesses from Nigeria. The CBN should prioritise the stability of the country’s currency and adopt the right policy mix to ensure price stability,” Almona said.

National President of the Association of Small Business Owners of Nigeria, ASBON, Femi Egbesola, maintained that multinationals are among the companies that contribute largely to the country’s GDP and earnings.

“We cannot be talking of growing our economy when the real investors are leaving. Assuming they are leaving and the indigenous ones are increasing, it would have been a different thing. But that is not the case. You make income as a nation when you have investments and investors,” he said.

However, since the coming of the Tinubu administration, Tinubu and Edun, among others, have been speaking on efforts being put in place towards revamping the economy, encouraging Foreign Direct Investment (FDI) and also making local industries vibrant and competitive.

Whether the assurances of Edun, who, on the Channels Television’s Sunday Politics programme, said, “recent executive orders signed by President Bola Tinubu have improved the investment climate … and also disclosed that tax reform proposals aimed at simplifying doing business for local and foreign manufacturers are being considered as part of an Economic Stabilisation Package,” would stem the flow of multinationals exiting the country, only time will tell.

 

EVENTS

IMO ON GLOBAL SPOTLIGHT AS GOVERNOR UZODIMMA KICKS OFF 2025 IMO ECONOMIC SUMMIT.

Published

on

 

By Prince Uwalaka Chimaroke
5- DEC- 2025

The kick-off of the Imo Economic Summit of December 2025 marked a historic moment as global political and business leaders converged on Owerri to demonstrate unprecedented support for Governor Hope Uzodimma’s ambitious plan to unlock Imo State’s economic future. It was the first summit of such scale since the State’s creation, signalling the beginning of a transformative journey.

World leaders, leading economists, global investors, and high-ranking government representatives were in attendance, showcasing the event’s international significance. Their presence reaffirmed the global community’s interest in partnering with Imo State as it strategically positions itself for accelerated development.

Among the distinguished guests were President Joseph Boakai of Liberia, President Amina Akim of Mauritius, Prime Minister Americo Ramos of São Tomé and Príncipe, former UK Prime Minister Boris Johnson, and former UN Secretary General Ban Ki-Moon. Each brought with them perspectives shaped by decades of leadership in global development.

Representing President Bola Ahmed Tinubu, the Vice President, Senator Kashim Shettima, delivered a powerful message of solidarity from the Federal Government. He praised the vision of the summit and reiterated the President’s unwavering support for Imo’s economic reawakening.

President Tinubu, through his representative, emphasized that partnership between subnational governments and the federal structure is vital to sustaining national growth. He highlighted that the administration is committed to helping states implement reforms that expand business opportunities, strengthen infrastructure, and create jobs.

He expressed confidence that the summit would serve as a launchpad for unlocking the economic ecosystem of Imo State, urging local and international investors to seize the abundant opportunities created by recent national reforms and the enabling environment already visible in the State.

In their keynote presentations, the leaders of Liberia, Mauritius, and São Tomé and Príncipe underscored Africa’s rising profile in global economics. They noted that Nigeria—particularly states like Imo with an energetic youth population—is positioned to lead the continent’s next wave of advancement.

President Amina Akim of Mauritius highlighted renewable energy as a frontier sector and pledged collaboration with Imo State to expand its clean energy initiatives. She described Imo as a willing and capable partner in Africa’s green energy expansion.

President Joseph Boakai of Liberia emphasized the role of innovation in driving transformational growth. He stressed that technological adoption can reposition Imo as a regional economic force and urged African leaders to prioritise development-focused governance.

President Boakai noted shared similarities between Imo and Liberia, praising both societies for their resilience and commitment to progress. He encouraged deeper regional cooperation to strengthen democratic governance and inclusive development.

Boakai also celebrated Liberia’s recent election to a non-permanent seat on the UN Security Council, stating that such achievements reflect broader African progress—a progress he believes Imo State is prepared to actively contribute to through visionary leadership.

Welcoming the global audience, Governor Uzodimma described the summit as a turning point in Imo’s economic journey. He declared that Imo has transitioned from a rising State to a fully risen one, ready to compete with major investment destinations across Africa.

The Governor introduced a new definition of IMO: Investment Meets Opportunities, underscoring the State’s strategic location, entrepreneurial population, and expanding infrastructure as key pillars for sustained growth.

Uzodimma applauded President Tinubu’s nationwide policy reforms, stating they have created the right conditions for investors to thrive. He emphasized that Imo’s $1 trillion economy aspiration is fully aligned with the Federal Government’s economic renewal agenda.

He highlighted Imo’s competitive advantages, including fertile agricultural belts, a rapidly expanding digital ecosystem, and its status as home to the largest proven gas reserves in West Africa—assets he said investors can immediately leverage.

Addressing infrastructure, the Governor announced that Imo has successfully constructed over 120 major roads linking communities, industrial zones, and neighbouring states. He said the improved connectivity is already stimulating commerce and reducing travel time.

A major announcement was the imminent commencement of the Light Up Imo Project, which aims to deliver 24-hour electricity to power industries, tech hubs, and commercial districts. Uzodimma described constant electricity as the backbone of the State’s economic plan.

On land reforms, the Governor revealed that the establishment of the Imo Land Information Centre has eliminated bottlenecks and transformed land administration into a modern, transparent, and technology-driven system, thereby boosting investor confidence.

He further identified other transformative initiatives such as dredging the Orashi River to the Atlantic to unlock maritime trade, establishing Imo as Nigeria’s digital innovation centre, and promoting OKOBI—One Kindred, One Business Initiative—to stimulate grassroots enterprise development.

Concluding his address, Governor Uzodimma extended an open invitation to global investors to become active participants in Imo’s economic rebirth. He reaffirmed that Imo is not merely ready for investment—it is structured, positioned, and determined to become one of Africa’s most dynamic economic destinations.

The Imo Economic Summit continued to attract powerful endorsements as distinguished speakers delivered compelling addresses in support of Governor Hope Uzodimma’s economic blueprint. Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, praised the Governor’s strategic foresight, particularly his bold investment in an independent power project designed to deliver uninterrupted electricity across the State. Describing the initiative as a “real game changer,” Edun asserted that reliable power will unlock industrial growth, enhance productivity, and position Imo as one of Nigeria’s most competitive economic hubs. He further noted that Nigeria’s economy is on a progressive upward trajectory, with expanding fiscal capacity and a target of 7 percent annual growth. To accelerate this national ambition, he encouraged deeper collaboration among local, state, and federal institutions to build a unified pathway to prosperity.

Adding a global perspective, former United Nations Secretary-General Ban Ki-moon emphasized Africa’s pivotal role in shaping global climate solutions. He highlighted that the continent possesses immense natural advantages capable of transforming global environmental efforts. Ban Ki-moon urged stronger international cooperation, stressing that climate challenges require shared responsibility and the spirit of global citizenship. By advocating environmental stewardship and sustainability, he encouraged African nations—including Imo State—to fully embrace innovation, resilience, and partnerships as key tools for combating climate threats and advancing long-term development.

Former UK Prime Minister Boris Johnson also addressed the gathering, expressing admiration for Governor Uzodimma’s forward-looking vision for an economic renaissance. Johnson hailed Nigeria as one of the world’s most promising investment frontiers, fueled by its youthful population, rich natural resources, and expanding digital economy. He described the country as a future global powerhouse and commended Imo State for positioning itself strategically to benefit from Nigeria’s immense potential.

In another resounding endorsement, former President of the Africa Export-Import Bank, Prof. Benedict Oramah, reaffirmed Afreximbank’s commitment to supporting major economic projects in Imo. He highlighted the transformational value of the Orashi River dredging project, which aims to open new maritime trade corridors and strengthen Imo’s logistical capacity. Prof. Oramah also referenced the establishment of a state-of-the-art petrochemical testing facility near the Sam Mbakwe International Cargo Airport—an investment expected to elevate Imo’s role in global petrochemical exports and attract high-value industries.

The President of Dangote Group, Africa’s foremost industrialist Alhaji Aliko Dangote, added his voice by commending President Tinubu for implementing reforms that strengthen national economic stability. Dangote encouraged entrepreneurs to invest courageously in Nigeria, noting that the nation’s vast natural resources and entrepreneurial talent remain unmatched. He assured Governor Uzodimma that the Dangote Group is willing and ready to partner with the Imo State Government in any developmental area deemed appropriate, reinforcing investor confidence in the State’s economic direction.

The summit hall was filled with an impressive array of global and local leaders—including diplomats, multinational executives, development partners, top financiers, and influential business figures such as Dr. ABC Ojiakor, Ogbuagu Ernest Nwapa, Mr. Abdulrasak Isaiah of Walmart, and Mr. Uzoma Dozie of Sparkle Microfinance Bank. Traditional rulers, religious leaders, captains of industry, and top-tier investors also graced the event, validating the summit’s stature as a global investment magnet.

In a strong show of political solidarity, the National Chairman of the All Progressives Congress, Yetaweh Nantewah, along with former National Chairman Dr. Abdullahi Ganduje, joined several serving governors and political stakeholders at the summit. Members of the Federal Executive Council, federal and state legislators, and senior officials of the Imo State Executive Council also attended in full strength, reflecting the broad national support behind Imo State’s transformative agenda under Governor Uzodimma’s leadership.

Continue Reading

EVENTS

“Ned Nwoko Paid Us N5 Million Each To Kill Regina Daniels” – Man Claims As Video Goes Viral (Watch)

Published

on

A young man has sparked widespread reactions on social media after claiming that Senator Ned Nwoko offered him and others N5 million each to kill his estranged wife, actress Regina Daniels.

Ned Nwoko, a Nigerian billionaire and politician, has been embroiled in a highly publicised marital crisis with Regina Daniels, with rumours of separation dominating the headlines in recent months.

Although the couple appears to have moved on separately, the recent allegation has reignited public attention on their turbulent relationship.

In a viral video on X (formerly Twitter), the young man, who partially concealed his face, alleged that the Senator instructed them to carry out the killing, providing Daniels’ location and schedule. He claimed they refused the assignment, citing the high risk involved.

He stated in the video: “Ned Nwoko told us to go and kill Regina Daniels, gave us her location and the time she was going to move, but we refused to do it, because… I cannot do it.”

The man further alleged that even appearing in the video put his life in danger. He added that the Senator had paid them N5 million each and warned Regina Daniels to be cautious during the current ember months.

The revelation has generated mixed reactions across social media, with many Nigerians expressing shock, concern, and disbelief over the claim.

Watch the video below…

 

Continue Reading

EVENTS

“Mistakes Happen” – Woman Begs Husband After DNA Test Reveals He Isn’t The Father Of Her 3 Children (Video)

Published

on

A shocking family drama unfolded when a man discovered that the three children he had raised for six years were not biologically his.

The truth came to light just weeks before Thanksgiving, leaving the man devastated and struggling to process the betrayal.

In a post shared by @amebogist on Instagram, it was reported that he asked the woman and her children to leave while he processed the revelation.

But his family, believing the children shouldn’t be punished for their mother’s actions, invited them to the holiday gathering without consulting him.

When the woman and her children arrived, the man became visibly upset, witnesses say he rushed to the front door, blocking their entry, and told his family he wasn’t ready to see them so soon after learning the truth.

The woman reportedly pleaded with him, saying, “Mistake happens,” asking for forgiveness and understanding.

Despite her pleas, the man stood firm, and she eventually left with the children to avoid making the situation worse.

The incident has sparked heated debate online. Some defended the man, arguing he had every right to protect his emotional well-being. Others said the children shouldn’t suffer for their mother’s betrayal.

https://www.instagram.com/reel/DRvIeDjDvrl/?igsh=djFlYzh6eDNieHJ2

Continue Reading

Trending