Since the Goodluck Jonathan Presidency era ended, the high-potential Nigerian market has proven to be one of the toughest in the world to succeed in business. High production costs brought on by unstable infrastructure services have caused doing business in Nigeria to be difficult for the manufacturing and services industries alike. Business exits from the Nigerian market have caused significant spikes in unemployment and a significant decrease in non-oil revenue, leading to one of Nigeria’s worst recessions.
‘’Obviously, infrastructure is zero-some here and hope of reviving same is just not there. The minister keeps promising that infrastructure would be fixed, bail-out funds would be provided to ailing industries like the textiles, but where are the infrastructure and the bail-out funds?” A manufacturer, Ligali Mohammed, lamented against Nigeria’s Ministry of Trade, Industry and Commerce.
7 Most Shocking Corporations That Recently Exited Nigeria 2018-2020
- WEMPCO Steel (Closing down after several decades in Nigeria. Currently amidst a desperate quest to sell Oriental Hotel of which they are major shareholders)
- Marriott International (Four Points by Sheraton and other Marriott owned businesses were sold within the past couple years)
- Procter & Gamble Diaper Plant (The $300 million plant was shut down after only one year of launch)
- Kwese (Shut down in 2018 after years of rigorous marketing and market growth trials)
- Gokada (shut down in 2020 after the Lagos State Government banned passenger motorcycles in most areas of the state)
- Ebonylife TV (channel closed down on DSTV July 2020.)
- Mr. Price (the well known and affordable fashion retailer is exiting Nigeria by August 2020)
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About Olatorera Consultancy (OC):
Olatorera Consultancy is a modernistic venture combining deeply-rooted knowledge on Africa’s culture and challenges plus close relationships with topmost leaders to promote development. We provide consultancy, business development and advisory services to notable companies and high net-worth individuals.