Owning to the seizure of operations by international companies in the country, Nigeria is expected to lose about ₦310b in international investments.
This resulted in the exit of two large multinational companies leaving the country first which is Procter and Gamble, which deals in the transport of consumer goods and the other equinor an industry which deals with oil marketing, processing etc
Equinor company is going out of service in Nigeria after selling its business and Nigerian shareholdings to a Nigerian company known as Chappal Energies.
Procter and Gamble will be focusing on imports leaving local resources utilization as it ends its ground activities in the country.
A statement from P&G claimed that the company is finding it difficult to operate in Nigeria owing to a bad environment and currency conversion challenges.
A statement from equinor company explained though its portfolio in Nigeria has been active for the past 3 decades, it’s trying to focus on core areas in the international market in line with the company’s business strategy.
Earlier this year couple of other companies reportedly closed their activities in Nigeria stating Nigerian environment is not good for economic activities.