Home Business FG speaks on planned exit of P&G from Nigeria

FG speaks on planned exit of P&G from Nigeria

Report - lagospost.ng
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The Presidency has expressed regret over the anticipated exit of American multinational consumer goods corporation Procter & Gamble (P&G) from Nigeria.

Lagospost learned that the company declared on Wednesday that it would cease manufacturing in Nigeria and begin importing.

The company noted that it is getting increasingly difficult to do business in Nigeria due to concerns with the Dollar Naira exchange rate and the macroeconomic environment.

Temitope Ajayi, the Senior Special Assistant to President Bola Tinubu on Media and Publicity, responded on Thursday via a statement, saying the news of the American firm leaving Nigeria is unfortunate.

Hundreds of significant local and international companies are opening in Nigeria and functioning in the same economy, according to Ajayi, despite the developments.

He said that it is rare to find stories about large blue chips and other corporations growing their production lines to boost productivity.

He wrote: “Just like that of GSK, the news of Procter & Gamble leaving Nigeria is dominating the airwaves. As sad as such news may appear it is important to also note that hundreds of high-impact local and multinational businesses are opening in Nigeria, in the same economy.

“The stories of major blue chips and other big businesses that are expanding their production lines to increase output hardly make headlines.

“One foreign business decides to leave Nigeria, for whatever reasons, it will dominate mainstream media and social media as if the country is going into extinction.

“Businesses – both small and big file for bankruptcy and close shop, every other day, in America, Europe and other countries. That a business decides to leave a jurisdiction or wind down operations does not necessarily mean an inclement environment. A business can fail as a result of bad management and wrong investment decisions.”

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