FULL LIST: Companies That Exited Nigeria Between 2020 And 2024 Due To Economic Struggles

FULL LIST: Companies That Exited Nigeria Between 2020 And 2024 Due To Economic StrugglesIn recent years, Nigeria has experienced a notable trend of both multinational and local companies shutting down or relocating their operations due to economic challenges, currency fluctuations, and rising operational costs.....KINDLY READ THE FULL STORY HERE▶

The latest to announce its exit is South African grocery retailer Pick n Pay, which confirmed on Monday that it will divest from the Nigerian market by selling its 51% stake in a joint venture. CEO Sean Summers stated that this decision is part of the company’s broader restructuring efforts beyond its home market.

Pick n Pay entered Nigeria in 2016 through a partnership with A.G. Leventis (Nigeria) and opened its first store in 2021, eventually operating two locations. This venture was viewed as a strategic move into one of Africa’s largest consumer markets, targeting Nigeria’s growing grocery retail demand. However, its departure indicates that economic difficulties, naira instability, and regulatory challenges have hindered the viability of such investments in Nigeria’s competitive retail sector.

Vincent Nwani, an economist and former Director of Research and Advocacy at the Lagos Chamber of Commerce and Industry, noted that over 10 companies ceased operations in 2020 alone, with more than 20 firms exiting the country during that time.

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