Western Multinationals Fleeing Nigeria Are Being Replaced by Asian and Turkish Firms
- Naira’s depreciation, currency swings deter multinationals
- Nigerian firms have also made significant investments
Nigeria is Africa’s most populous nation.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
As US and Europe-based multinationals exit Nigeria, Asian and local companies are stepping in to fill the void.
Last week, London-based Diageo Plc sold its controlling stake in Guinness Nigeria Plc to Singapore’s Tolaram Group Inc. The Fouani Group, a local firm, operates a diaper and sanitary pad plant in a complex where Cincinnati-based Procter & Gamble Co. shuttered a $300 million facility making the same products.