15 MULTINATIONALS EXIT NIGERIA IN THREE YEARS, SAYS NECA
Written by Oyebamiji Idowu on January 10, 2024
The Nigeria Employers’ Consultative Association (NECA) paints a worrisome picture, revealing that at least 15 multinationals have chosen to either divest or partially shut down operations in Nigeria over the past three years. This exodus raises serious concerns about rising unemployment, potential social unrest, and a weakened business environment.
NECA Director-General, Adewale Oyerinde, warns that the widespread job losses across various sectors pose a significant threat to national security. He suggests that rising unemployment could fuel insecurity and the spread of child labor, among other social ills.
“The sheer number of closures, including prominent companies like GSK, Sanofi, Procter & Gamble, and Nampak, who have been major employers for decades, is deeply concerning,” says Oyerinde. “These exits have a ripple effect, not just on jobs but on the entire business ecosystem.”
NECA urges the government to address the underlying factors driving these multinationals away, such as economic instability, complex bureaucracy, and security concerns. By creating a more favorable business climate and prioritizing job creation, Nigeria can hope to stem the tide of corporate outflows and secure a brighter future for its workforce.