As we welcome 2024, Nigerians are counting the number of multinational companies (MNCs) exiting the country in 2023. Within the last ten months, at least five MNCs, including household names in Fast Moving Consumer Goods (FMCG) like GlaxoSmithKline Nigeria, Procter & Gamble, Unilever and Sanofi-Aventis Nigeria Limited, have decided to exit Nigeria by ending manufacturing operations in the country. The major reason cited by these MNCs for exiting the country borders on the harsh business environment. Analysts have further explained how the difficult business environment extinguishes businesses in Nigeria and accounts for the exit of MNCs from the country.
This first edition of Nextier SPD Policy Weekly for 2024 provides a broader explanation for the exodus of MNCs from Nigeria from the lens of political economy analysis to advance actionable policy recommendations for halting the exodus of more firms out of the country.
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