US consumer goods powerhouse Procter & Gamble (P&G) will discontinue manufacturing in Nigeria and pivot to import-only activity, the company said Tuesday.

The multinational expects $2.5 billion in charges over the next two years from rejigging operations in some of its markets and writing down the value of its Gillette business.

The maker of iconic brands including Pampers, Gillette, Ariel, Always and Oral-B could incur charges anywhere between $1 billion and $1.5 billion after-tax from restructuring its operations in Nigeria and Argentina, two markets where the business has been problematic for the corporation.

“So when you think about places like Nigeria, when you think about places like Argentina, it’s very difficult for us as a U.S. dollar-denominated company to create value,” Andre Schulten, the chief financial officer, said at Morgan Stanley Global Consumer & Retail Conference in New York.

"Hit the ground running."

The message is becoming clearer. It was a parable before now.

It seems we will soon hear Tinubu's FG announce its stopping operations in Nigeria because Buhari left behind an economy that is in coma....what APC cannot steal, kill and destroy does not exist.

Terrible! The economic woes of this ghosted nation continues everyday.

Sad

I had braced for this impact since 2015 and tripled my hustle so no worries on my part. Even if all the companies leave and dollar reach one million, I will be among the last to chop grass in this country.

The exit of P&G will crumble the economy of the Oluyole industrial estate of Ibadan and the ripple effect will be felt on the labor market.

The investors PDP brought in, APC has chased nearly all of them out. Very d£monic party with thiiefnubu in the helms of affairs..

If they focused on developing the economy half the way they focus on propaganda/deception/lies plus paying !rritants to deceive Nigerians on social media and causing division amongst the youths, Nigeria would have been better..

When will APC be leaving Nigeria?

Only CocaCola and 7up are remaining in Nigeria.
APC really destroyed Nigeria.

When you rig elections, bully everyone and ask people to "go to court", reasonable corporations see you as creating unconducieve environment for business. With the way things are going, even Dangote may relocate and use the as fuel depot.

The entity call Nigeria is GONE. Know this and have peace.
- Main source of revenue (oil) - mortgaged for next 5 years
- External debt is about N90 Trillion (3.3 time our annual budget)
- Borrowing has intensified
- Insecurity is now pervasive, with daily kidnapping
- Hospitals are now hospices to help people die of common ailments
- Our elections are now based on who INEC give results sheet to
- Airforce now kill civilians because they are confused and economically dejected.
- Nigerian youths now relish "japa" to go do menial jobs
- Even the Armed forces are not spared. Late or no salaries, no homes, empty barrels without bullets.
- Policemen are 80% homeless with many living in police stations.

Nice2023:

No source?

Mo gbe ooooooo

All the products listed are my favourite brands.

Fira09:

No source?

Which one be source
It's true
APC has destroyed this country
Divided along tribal and religious lines
Ruined the economy
Mismanaged our security
APC is a scourge on the land

Praxis758:
The exit of P&G will crumble the economy of the Oluyole industrial estate of Ibadan and the ripple effect will be felt on the labor market.

The factory leaving is in Agbara,Ogun state. One of the biggest factories you can find in the country. It was a shock when they shut down, sent workers away and packed their machines. This was about two or three years ago.

Now they are leaving finally .

Lack of purchasing power. Nigerians are down and out because they have little or no money

Meanwhile in other news ione of the now best indginous new leading engine lubricant maker CDN oil own by young entrepreneur Chief Daniel Nwokolo is signing more expanding deals. Yesterday Soludo was touring new gingantic Innosson Vehicles plant new sites in Nnewi,,,,,,,,different between indginous driven industrial state and FDI driven industrial ,,,,I like the fact people are comparing Ogun an FDI driven state to Anambra whose industries are 97% indginous own,,,,,,, I m surviving from the fish on my river while you are fishing in another man river and comparing the size you caught to mine forgetting one day the owner of the river can decide to stop you