Multinational exodus: Equinor, Uber exit Nigeria since Tinubu took office
A wave of multinational exits and restructuring has reshaped Nigeria’s corporate landscape since President Bola Tinubu took office in May 2023. Companies like Equinor (full exit completed Dec 6 2024, selling Nigerian assets to Chappal Energies for up to $1.2 billion), Kimberly‑Clark (ceasing Huggies/Kotex production after May 2024 announcement), Procter & Gamble (shifting to import‑only from Dec 2023), Binance (halting naira services Mar 2024), Shoprite (ending franchise operations by March 2026), GlaxoSmithKline (moving to third‑party distribution Aug 2023) and Uber (announcing ride‑hail shutdown Sep 2 2026) have either fully left, stopped local manufacturing or scaled back operations.
The trend is tied to foreign‑exchange shortages, naira volatility, inflation, weak consumer purchasing power and rising operating costs. For manufacturers, local production has become costlier while demand remains constrained. Yet the exits open doors for Nigerian‑owned firms and investors to acquire assets—seen in Equinor’s sale to Chappal Energies.
What does this mean for your wallet, job prospects or investment options as multinational presence shrinks and local players step in?