Multinationals that have exited or restructured Nigeria since 2023

At least ten major multinationals have reduced, sold or restructured their Nigerian operations since 2023. The exits range from outright divestments to shifts to third-party distribution, with foreign-exchange shortages, naira volatility, inflation and high energy costs cited as major pressures.

Not every company described as having left Nigeria has fully abandoned the market. Some stopped local production, sold assets or moved distribution to partners while their products remain on shelves.

Pharmaceutical and consumer goods pullbacks

GlaxoSmithKline announced in 2023 that it would stop its direct commercialisation model in Nigeria and move to a third-party distribution structure. The pharmaceutical giant cited challenges with its operating model and the country's business environment.

Procter & Gamble stopped local production in Nigeria in 2023 and shifted to imports. The maker of Pampers and Ariel cited the difficult macroeconomic environment and challenges facing dollar-denominated businesses.

Sanofi also restructured its Nigerian operations in 2023, moving away from parts of its direct operating model. Like GSK, Sanofi now relies more on local partners and distributors to maintain market access.

Unilever significantly restructured its Nigerian operations in 2023, including ending local production of some products. The company said the changes reflected the economics of manufacturing in Nigeria. Unilever remains active in the market, so this was a major operational pullback rather than a full exit.

Manufacturing and retail exits

Kimberly-Clark, maker of Huggies, ceased local manufacturing in Nigeria in 2024 and now serves the market through imports and other arrangements.

PZ Cussons, the British company behind Imperial Leather and Premier, announced major changes to its Nigerian business amid currency depreciation and rising costs. Its Nigerian operations were subsequently reorganised.

South African retailer Pick n Pay exited its Nigerian joint venture in 2024 by selling its 51 per cent stake.

Energy, drinks and ride-hailing departures

Equinor completed its exit from Nigeria's upstream oil sector in 2023, selling its Nigerian business to Chappal Energies. This was a clearer corporate exit, partly tied to the energy company's broader portfolio strategy.

Diageo sold its controlling stake in Guinness Nigeria in 2024 to Tolaram. Guinness products remain in Nigeria, but Diageo no longer has direct ownership.

Uber ended its Nigerian operations on September 2, 2026, after 12 years in the market. The ride-hailing company said it made the decision after reviewing its business operations but did not give a specific reason. The exit comes amid rising fuel costs, inflation, currency volatility and competition in the sector.

What the exits mean for Nigeria

The common thread is a sharp rise in the cost of doing business. Forex volatility has made imported inputs pricier and complicated planning, while naira depreciation has lifted the local cost of dollar obligations. Energy costs have climbed, and unreliable power forces many companies to depend on expensive alternative sources. For the naira and Nigerian consumers, fewer manufacturers and direct operators could mean reduced competition, thinner local supply chains and greater exposure to import costs.