From P&G To Pick n Pay: Why Global Brands Are Leaving Nigeria See Full List (2020-2024)

From P&G To Pick n Pay: Why Global Brands Are Leaving Nigeria See Full List (2020-2024)

Nigeria has seen a significant departure of both multinational and local companies, forced out by ongoing economic pressures, currency fluctuations, and high operational costs.…..CONTINUE READING

The latest to announce its exit is South African retail giant Pick n Pay, which confirmed it will sell its 51% stake in a Nigerian joint venture as part of broader restructuring efforts. Pick n Pay, which initially partnered with A.G. Leventis in 2016, began operations in Nigeria in 2021 but is now leaving due to the ongoing economic strain, unstable naira, and regulatory challenges.

In 2020 alone, over 10 companies shut down, and the trend has only intensified with over 20 companies departing annually.

Breakdown of Exits (2020 – 2024):

• 2020: Exits included Standard Biscuits Nigeria Ltd, NASCO Fiber Product Ltd, and Deli Foods Nigeria Ltd.
• 2021: Over 20 departures, including Tower Aluminium Nigeria PLC, Framan Industries Ltd, and Mufex Nigeria Company Ltd.
• 2022: More than 15 exits, including Universal Rubber Company Ltd and Mother’s Pride Ventures Ltd.
• 2023: Notable exits included Unilever, Procter & Gamble, GlaxoSmithKline, and ShopRite Nigeria.
• 2024 (Jan – Oct): Companies that exited include Microsoft Nigeria (Engineering section), PZ Cussons, and Kimberly-Clark Nigeria.