• Companies
  • Updated: December 07, 2023

Procter and Gamble's decision to cease operations in Nigeria sparks economic concerns

Procter and Gamble's decision to cease operations in Nigeria

The announcement by Procter and Gamble (P&G) to suspend operations in Nigeria is a noteworthy occurrence that has raised apprehensions among the public regarding the possibility of job losses and an increase in the cost of basic consumer items.

There are concerns regarding the move's potential effects on Nigeria's economy as it follows a similar trend established by other large firms such as GSK.

Users of social media have expressed serious concerns about the possible effects of P&G's exit, turning the platforms into a forum for public reactions. 

Many worry that there will be a major effect on how affordable everyday goods become, especially well-known P&G brands like Always sanitary pads, Pampers, Ariel, and dental care products.

Observing the broader trend, @MissPearls noted the departure of several enterprises and raised the issues of rising unemployment and currency depreciation.

@SportsDokita emphasised the possibility of job insecurity as well as a deterrent to international investors, especially when P&G's products revert to importation, potentially rising prices.

Estimating probable job losses, @Mavisikpeme stated that the departure of P&G might result in the layoff of 5,000 Nigerians.

@KBT_BANKOLE advised consumers to store up on necessities because prices for fast-moving consumer goods (FMCGs) such as sanitary pads, baby diapers, detergents, and toothpaste were expected to rise.

@hispri0rity expressed similar concerns, forecasting a threefold spike in pricing for a variety of things.

The collective opinion on social media indicates growing concern about the economic consequences of international corporations leaving Nigeria. 

The departure of P&G raises concerns about the country's foreign investment and employment chances. 

Stakeholders and governments may face growing pressure to address these issues and develop long-term solutions to protect the economy and the welfare of residents. 

Stay tuned for more information on this developing story.

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