Presidency Reacts As P&G Leaves Nigeria After GSK’s Exit

The Presidency has expressed sadness over the planned exit of American multinational consumer goods corporation, Procter & Gamble (P&G), from the country.

Naija News reported that the company announced on Wednesday that it is stopping manufacturing activities in Nigeria and would start to import.

The company lamented that it is becoming increasingly difficult to do business in Nigeria due to issues with the Dollar Naira exchange values and issues with the macroeconomic environment.

Reacting in a post via his X handle on Thursday, the Senior Special Assistant to President Bola Tinubu on Media and Publicity, Temitope Ajayi, said the news of the American firm leaving Nigeria is sad.

Ajayi said despite the development, hundreds of high-impact local and multinational businesses are opening in Nigeria and operating in the same economy.

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

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.”