19 Companies That Exited, Divested or Scaled Back Operations in Nigeria—and Why

Several major companies have exited, sold assets, reduced local investment or scaled back parts of their Nigerian operations in the past five years. They include Shoprite, Uber, Guinness, Netflix, Sanofi, Kimberly-Clark, Equinor, Pick n Pay, P&G, GSK, Bolt Food, Jumia Food, Microsoft, TotalEnergies, Shell, ExxonMobil and Etisalat. The reasons cited range from foreign-exchange shortages, naira devaluation and inflation to high operating costs, weak profitability, insecurity, oil theft and declining production. Some of these companies still operate in Nigeria through franchises, reduced services or retained assets, so their cases should not all be described as complete exits. The trend raises concerns about the survival of small businesses, job losses and the shrinking purchasing power of Nigerian households. Many people argue that stronger economic policy, improved security and a more stable business environment are needed to prevent further closures and divestments.

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