Why Procter and Gamble (P&G) And Other Prominent Companies Left Nigeria.

In recent times, Nigeria has witnessed the departure of some prominent and reputable companies, with P&G among them, leaving many employees unemployed. While acknowledging the commendable efforts of these corporations in areas such as employee welfare, policies, and product quality, it is essential to recognize that the primary factor driving their departure is the perceived lack of growth opportunities in Nigeria, primarily due to economic challenges.

There are several negative factors that contribute to the adverse economic conditions in Nigeria. Let's take a look at some of them;

1. Tax Burden: One of the significant contributors to the departure of big companies is the high monthly tax obligations imposed on them. These substantial tax demands not only strain their financial resources but also contribute to the elevated prices of their products, impacting consumers.

2. Soaring Production Costs: The escalating cost of production is a significant hurdle for companies, primarily when relying on imported raw materials. The unfavourable Naira-Dollar exchange rate compounds this challenge, making it increasingly difficult for businesses to maintain profitability.

3. The 'JAPA' Phenomenon: While it might be overlooked by some, the increasing trend of people leaving the country, popularly known as the 'JAPA' phenomenon, poses a substantial problem. The departure of skilled professionals and citizens has a ripple effect on the economy, affecting the workforce and contributing to the overall economic downturn.

While the three factors mentioned above stand out as primary challenges, there are undoubtedly other issues impacting Nigeria's economic landscape. Let us remain hopeful for a brighter future for Nigeria, where prosperity and growth become the hallmark of our great nation. Amen! 🇳🇬

Kind Regards,

Olamiji Akeredolu.