Tag: multinationals

Worsening Insecurity: Anxiety in FCT, as multinationals, embassies plan relocating to Lagos – Source

Aminu Imam

Several multinational companies and embassies are contemplating relocating from Abuja to Lagos due to escalating incidents of kidnappings and growing insecurity in the Federal Capital Territory, (FCT), a concerned northerner, Hidima, has alleged Hidima, a Doctor of Philosophy, shared this information on his verified X account, yesterday. This comes amid a noticeable trend, with the Central Bank of Nigeria (CBN) recently announcing its intention to transfer some of its departments from Abuja to Lagos State.   The decision, as stated by a CBN official, aims to decongest the apex bank’s head…

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Multi-national Firms Exit: ‘Nigerians lose 20,000 jobs’ – NECA

Aminu Imam

The scourge of unemployment, which has been rising in the past decade, is worsening, as the nation lost over 15 foreign businesses in the last three years to unfavourable environment, according to data from the Nigeria Employers’ Consultative Association, (NECA). The information added that over 20,000 workers had either divested or partially closed operations. This development, according to NECA, has had dire consequences not only for organised businesses, but also for labour, government revenue and households. Recall that two weeks ago,  a global brand, Procter & Gamble (P&G) announced its…

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Unilever, 4 other multi-national companies, leaving Nigeria 

Aminu Imam

Nigeria, despite being the largest economy in Africa – with over 200 million population, is lately facing a mass exodus of multi-national companies. One of such companies, Unilever, an off-shoot of UAC founded in 1923, four other multi-national companies, has alsoannounced their exit from Nigeria before May next year. Many of these companies have spent decades doing business in Nigeria, while others are folding-up operations barely 3 years after announcing their arrivals.  From January 2023 till date, no fewer than seven multi-nationals have either left or announced their decision to exit the country by…

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Harsh Business Climate: Procter & Gamble Nigeria exit ends 5,000 jobs

Aminu Imam

Procter & Gamble, a global leader in consumer goods, has announced plans to transition its Nigerian operations to an import-only model, effectively dissolving its on-ground presence in the country. This decision stems from the challenging business environment in Nigeria, primarily attributed to dollar-denominated operations and unfavourable macro-economic conditions. The immediate implication of this is that thousands of jobs and millions of dollars in investment will be lost in the country from the company’s move. Having been in Nigeria for over three decades, the firm has invested millions of dollars in…

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