Harsh Economy: Within Three Years, 15 Multinational Companies Exit Nigeria

Nigeria Employers’ Consultative Association says 20,000 jobs have been lost to the exit of 15 multinational companies from Africa’s largest economy, Nigeria, in the last three years.

Adewale Oyerinde, the director general of NECA, disclosed this in a recent interview with journalists.

He warned of the dire consequence of massive job loss across sectors in Nigeria due to harsh economic realities.

According to him, the unfortunate situation, if allowed to continue, would worsen insecurity and increase child labour.

“It is worrisome to note that in the last three years, over 15 organizations with a combined value-chain staff strength of over 20,000 employees have either divested or partially closed operations.

“This has dire consequences not only for organized businesses but also for labour, government revenue and the households,” he noted.

RovingNaija News reports that GSK, Sanofi, Procter & Gamble, Nampak and Unilever Nigeria have all announced their exit from Nigeria.

Experts raised alarm over the impact of the development on the country’s economy.