P&G (Procter& Gamble) Dissolves Operations In Nigeria To Conduct Import Duties Only
Consumer goods giant Procter & Gamble has stated it plans to dissolve on-ground operations in Nigeria and carry out imports only.
The Chief Financial Officer of the group Andre Schulten stated this during his presentation at the Morgan Stanley Global Consumer & Retail Conference.
The company explained that it is difficult to do business in Nigeria as a dollar-denominated organisation and the macroeconomic reality in Nigeria is responsible for its latest strategic decision.
The current macroeconomic conditions in Nigeria have negatively affected foreign USD-denominated companies in Nigeria.
These companies have often cited difficulty in sending back U.S. dollars outside Nigeria.
The Central Bank has acknowledged it has a forex backlog to the tune of around $7 billion which makes it more difficult for USD-denominated Companies.