Multinationals exit Nigeria amid economic pressures

Several multinational corporations have exited or significantly scaled back their operations in Nigeria since President Bola Tinubu took office in May 2023. The trend is driven by macroeconomic challenges, including foreign exchange shortages, naira volatility, high inflation, rising operating costs, and diminished consumer purchasing power.

Notable exits include the Norwegian energy firm Equinor, which completed its departure in December 2024 after selling its assets to Chappal Energies in a deal valued at up to $1.2 billion. US-based Kimberly-Clark also closed its Lagos manufacturing facility and commercial office in 2024, shortly after investing $100 million in the site.

Other companies have transitioned to different operational models rather than fully withdrawing. Procter & Gamble (P&G) moved to an import-only model, and GlaxoSmithKline (GSK) shifted to third-party distribution. Additionally, Binance withdrew its naira services following regulatory scrutiny, and Uber announced its exit from the ride-hailing market in September 2026. The retail sector also saw the departure of Shoprite after nearly two decades of presence.