Многочисленные международные корпорации покинули или сократили деятельность в Нигерии с приходом к власти Б.А. Тинубу

FACT CHECKED G Follow Sep 4, 2026 By Agnes Ekebuike Editor, Naija247news ✔ Verified Nigeria’s corporate landscape has witnessed a series of high-profile exits, divestments and operational restructuring by multinational companies since President Bola Ahmed Tinubu assumed office in May 2023. While some international firms have completely exited the Nigerian market, others have shut down local manufacturing operations, sold their assets, or transitioned to third-party distribution and import-based business models. The development has continued to raise concerns about Nigeria’s business environment, particularly as companies grapple with foreign exchange challenges, naira volatility, rising inflation, weak consumer purchasing power and increasing operating costs. Although each company has cited different reasons for its decision, the growing list of multinational firms scaling back their Nigerian operations reflects the pressure businesses have faced amid the country’s changing economic environment. Below are seven major global companies that have either exited Nigeria completely or significantly reduced their operations since 2023. 1. Equinor exits Nigeria after more than 30 years Norwegian energy giant Equinor became one of the major international companies to exit Nigeria after announcing plans to sell its Nigerian business to Chappal Energies in November 2023. The transaction was eventually completed on December 6, 2024, following the necessary regulatory approvals, transferring Equinor’s Nigerian assets to the Nigerian-owned energy company. The sale marked Equinor’s complete withdrawal from Nigeria after more than three decades of operations in the country. Its Nigerian portfolio included interests in Oil Mining Lease 128 and the Agbami oil field, one of Nigeria’s major deep-water oil assets. The transaction was valued at up to $1.2 billion, comprising an initial purchase price of $710 million and additional contingent payments. Equinor’s exit also reflected a growing trend in Nigeria’s oil and gas sector, where indigenous companies have increasingly acquired assets previously controlled by international oil companies. 2. Kimberly-Clark shuts down Nigerian operations American consumer goods manufacturer Kimberly-Clark announced in May 2024 that it would exit Nigeria after nearly 15 years of operating in the country. The company, known for brands such as Huggies and Kotex, said it would close its manufacturing facility and commercial office in Lagos while discontinuing the manufacturing, marketing and sale of the products in Nigeria. Kimberly-Clark linked the decision to changes in its global strategic priorities and the economic realities of operating in Nigeria. The company’s departure was particularly significant because it came only about two years after it reopened a manufacturing facility in Lagos reportedly valued at about $100 million. Its exit further highlighted the difficulties faced by manufacturers operating in an environment marked by rising production costs, currency depreciation and pressure on consumers’ disposable income. 3. Procter & Gamble ends local manufacturing In December 2023, global consumer goods company Procter & Gamble announced plans to wind down its on-ground operations in Nigeria and adopt an import-only model. The company, whose popular brands include Pampers, Always, Ariel, Oral-B and Gillette, cited the difficulty of operating as a dollar-denominated company in Nigeria and the challenging macroeconomic environment. The decision brought an end to Procter & Gamble’s local manufacturing operations, although its products continued to be available to Nigerian consumers through imports. Rather than a complete exit from Nigeria, the move represented a major restructuring of the company’s business model. The decision underscored the pressure faced by multinational manufacturers that rely heavily on imported inputs and are exposed to foreign exchange shortages and currency fluctuations. 4. Binance exits Nigeria’s naira market Cryptocurrency exchange Binance discontinued its Nigerian naira services in March 2024 following increased regulatory pressure and a confrontation with Nigerian authorities. The company stopped accepting naira deposits, ended naira withdrawals and removed naira trading pairs from its platform. Remaining naira balances were converted to USDT. The move came amid heightened scrutiny of cryptocurrency exchanges by Nigerian authorities over concerns relating to foreign exchange market activities and alleged illicit financial flows. However, Binance clarified that the decision did not amount to a complete shutdown of its services for Nigerian users. Other cryptocurrency services on the platform remained accessible, meaning the company’s decision was more accurately described as an exit from the naira market rather than a complete withdrawal from Nigeria. 5. Shoprite finally disappears from Nigeria South African retail giant Shoprite had already begun reducing its direct involvement in Nigeria before the Tinubu administration. In 2021, Shoprite Holdings sold its Nigerian operations, comprising 25 outlets, to Ketron Investment Limited, a subsidiary of Persianas Investment. The sale marked the transition of the supermarket chain from direct foreign ownership to a locally operated franchise model. However, the Nigerian franchise continued to face significant challenges, particularly as operating costs increased and consumers struggled with declining purchasing power. Several outlets reportedly experienced difficulties maintaining inventory, while stores in cities including Ibadan and Ilorin eventually closed. By March 2026, the remaining Shoprite outlets had shut down, bringing an end to the company’s nearly two-decade presence in Nigeria, which began in 2005. 6. GSK scales back direct commercial operations GlaxoSmithKline, popularly known as GSK, announced in August 2023 that it would stop directly selling its pharmaceutical products in Nigeria and transition to a third-party distribution model. The move meant that GSK would no longer maintain the same level of direct commercial operations in the country. However, its medicines and vaccines would continue to reach Nigerian patients through local distributors and business partners. The company’s decision was linked to operational difficulties, including challenges associated with foreign exchange and the increasing cost of doing business. GSK’s case therefore represents a restructuring of its Nigerian operations rather than a complete withdrawal from the country. 7. Uber announces Nigeria exit in 2026 Uber became the latest major multinational company to announce its departure from Nigeria after confirming on September 2, 2026, that it would cease ride-hailing operations in the country. The company entered the Nigerian market in 2014, launching first in Lagos before expanding its services to other cities. After 12 years of operations, Uber said its decision followed a review of its business operations, although it did not provide detailed reasons for the withdrawal. The announcement comes at a time when Nigeria’s ride-hailing industry is facing increasing pressure from rising fuel prices, inflation, high vehicle maintenance costs and currency volatility. Uber also clarified that its decision to leave Nigeria was not connected to a recent directive by the Federal Airports Authority of Nigeria concerning e-hailing operations at Nigerian airports. What the exits mean for Nigeria The departure and restructuring of these multinational companies point to the increasingly difficult environment for businesses operating in Nigeria. Companies that depend heavily on imported raw materials, foreign exchange or foreign-denominated financing have faced additional pressure from the depreciation of the naira and persistent currency volatility. Manufacturers have also struggled with rising energy costs, inflation and the high cost of maintaining production facilities, while declining consumer purchasing power has made it more difficult for companies to sustain demand. However, the exit of some multinational companies has also created opportunities for Nigerian-owned businesses and local investors. The acquisition of Equinor’s Nigerian assets by Chappal Energies is one example of how indigenous companies can expand by taking over businesses and assets previously controlled by international firms. As the Tinubu administration continues to pursue economic reforms aimed at stabilising the economy and attracting investment, the challenge will be to create an operating environment that not only attracts new foreign investors but also encourages existing companies to remain and expand their presence in Nigeria. Editorial Disclosure & Professional Standards This report is a product of the Naija247news Macro-Financial Intelligence Unit. As a primary source of record for the Nigerian and Sub-Saharan African markets, we adhere to a rigorous verification protocol designed for institutional transparency. Methodology & Data Integrity: Our reporting is informed by a Compliance-Led Verification framework, utilizing AML (Anti-Money Laundering) and KYC (Know Your Customer) principles to vet sources and validate primary documentation. We prioritize raw data from the Central Bank of Nigeria (CBN), the National Bureau of Statistics (NBS), and the Nigerian Exchange (NGX) to ensure all fiscal and monetary variables are represented with forensic accuracy. Independence & Ethics: Naija247news operates under a strict commercial firewall. Our editorial decisions are independent of advertising interests. We do not engage in "pay-for-play" journalism. All macroeconomic forecasts and sovereign risk assessments are based on mathematical trends, policy signaling, and historical data sets rather than speculative narratives. AI & Human Oversight: Consistent with our Human-First AI Policy, this content has been reviewed and fact-checked by senior editors with deep expertise in African capital markets. 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