5 Multinational Companies That Have Exited Nigeria In 2024

While Nigeria celebrated multi-million dollar investments in 2024, several multinational companies left the country. 

This exodus is often attributed to economic challenges such as the poor performance of the naira, high inflation, and interest rates, coupled with decreased consumer purchasing power. 

Last year, according to the Manufacturers Association of Nigeria (MAN), about 767 manufacturing companies closed, and 365 companies faced difficulties due to economic instability.

Among those that exited were:

Kimberly-Clark

The global personal care products giant exited Nigeria in June, citing economic challenges and a shift in global strategic priorities. This followed a brief re-entry and a $100 million investment in Lagos in 2021 after a previous exit in 2019.

Pick n Pay 

The South African retailer left Nigeria by selling its 51% stake in a joint venture with A.G. Leventis, after operating two stores for five years. The company faced a pre-loss of N1.1 billion in the first half of 2024, influenced by shrinking margins and high borrowing costs.

Diageo 

The beverage company sold its 58.02% stake in Guinness Nigeria Plc to the Singaporean Tolaram Group, while retaining ownership of the Guinness brand. This decision followed Guinness Nigeria’s significant losses in the market.

Holcim 

The Swiss building materials giant sold its 83.81% stake in Lafarge Africa PLC to China’s Huaxin Cement Co. for $1 billion. The decision was part of a strategy to focus on markets with higher demand, such as North America.

Equinor Nigeria Energy Company (ENEC) 

After over 30 years in Nigeria, Equinor sold its 54% stake in the OML 128 oil and gas lease to Chappal Energies for $1.2 billion. The sale was part of a broader move by oil companies to divest from onshore operations vulnerable to local challenges like oil theft and vandalism.