DAILY POST
Nigeria may lose five thousand direct jobs as Procter & Gamble, a multinational consumer company, announced its plan to exit the largest African economy 31 years after coming to the country.
On Wednesday, P&G chief financial officer Andre Schulten disclosed that the company will turn Nigeria into an import-only market.
Consequently, the company, makers of Always, Ariel, Oral B toothpaste, and other consumer goods will shut down its ultra-modern $300 million plant at Agbara, Ogun State, in 2017.
“We’ve announced that we will turn Nigeria into an import-only market, effectively dissolving our footprint on the ground in Nigeria and reverting to an import-only model,” he said.
He lamented the company’s portfolio drop to $50 million from $85 million.
He added that the other reality in some of these markets is that it gets increasingly difficult to operate and create U.S. dollar value.
