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Nigeria Facing Worsening Economic Crisis, Says IMF / Over 5,000 Jobs Lost In Lagos After Anti-xenophobic Protest - Governor Sanwo-olu / Niger Delta Group Tackles Buhari Over Nigeria’s Worsening Economic Situation (2) (3) (4)
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Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by SSFeedsNigeria: 11:41am On Dec 07, 2023 |
Nigeria economic crises deepens as another multinational corporation abandons the country. This time, Proctor and Gamble has closed its Nigeria's facilities over harsh operating environment. This is happening in quick succession after another multinational corporation, GSK jumped ship recently. Proctor and Gamble has its facilities in Lagos, Ogun and Ibadan. The company stated it would now convert some of its remaining assets in Nigeria to full time importation only. This situation has resulted in the loss of 5000 jobs as well as revenue to the economy. When GSK left Nigeria, the price of its vital products automatically skyrocketed beyond the reach of most Nigerians. Same situation is expected to occur with P&G. The economic outlook of Nigeria remains gloomy as pundits wonder which company is going to exit Nigeria next. https://www.google.com/amp/s/africa.businessinsider.com/local/markets/pandg-to-end-manufacturing-operations-in-nigeria-reverts-to-an-import-only-business/55d8rp8.amp 1 Like 2 Shares |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by Kafirbigot: 11:45am On Dec 07, 2023 |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by madmohamed(m): 11:45am On Dec 07, 2023 |
When I said locally investors are the best they call me stupid man. A foriener can close at anytime but locally will be here When you go out there looking for foreign investors you should know the consistency if they decide to leave. That is why south east is best in Nigeria because 80 percent of the company are locally owned businesses. The government should helpe so Nigeria can take control of thire economy not foreign country's 4 Likes 2 Shares |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by kettykin: 11:56am On Dec 07, 2023 |
At the rate this is happening it seems most multinational companies are either on their way out or already out. I have counted 3 companies in ogun state , Lagos state axis within the last 3 weeks 2 Likes 2 Shares |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by SSFeedsNigeria: 11:56am On Dec 07, 2023 |
madmohamed: You're 💯 correct! Foreign owned factories are closing down in droves in the SW while Igbo owned factories are opening in the SE. I think this is the best opportunity for Igbos to effectively replace these foreigners but they should build them in the East. 4 Likes 2 Shares |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by SharingIsLife(m): 12:02pm On Dec 07, 2023 |
Praise Jagaban and Buhari. |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by kettykin: 12:04pm On Dec 07, 2023 |
SSFeedsNigeria: How will the east ensure this bleeding doesn't not happen in the east as it seen the whole things is an economic epidemic from the apc government as a result of blunders arising from ineptitude in the management of the national economy |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by kettykin: 12:06pm On Dec 07, 2023 |
SharingIsLife: Someone mentioned to me that once economic regression starts and it starts in trickles. When it is not stopped on time it goes on to become revers |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by Zooposki(f): 12:17pm On Dec 07, 2023 |
I was tired of FREESTUFFNG boasts. Very good. Let them all leave. At least I will breeettt small on Nairaland from all his useless posts. 😂😂 |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by SSFeedsNigeria: 12:25pm On Dec 07, 2023 |
kettykin: Although every investor is affected by the crises but local investors, particularly Igbos have got an advantage. Firstly, unlike foreign investors that would need to convert worthless naira to dollars to repatriate profits, (and oftentimes the dollars are not even available) Igbo investors won't have such challenge since their profits remain in Nigeria. Secondly, relatively low taxes in the East reduces their overhead costs. Also, a place like Aba has constant supply of electricity from Geometric and also gas from Shell. With nearness to markets for onward distribution at less costs to the company. Unlike MNC's that often build massive facilities that require sophisticated delivery logistics, Igbos have the advantage of maintaining economies of scale by building compact factories in commercial cities like Aba and Onitsha then leverage already existing distributors. It's a golden opportunity for Igbos if they're intentional about it. 2 Likes 1 Share |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by Ogene001: 12:27pm On Dec 07, 2023 |
We told the economic iliterates from the waste side not to rely on multinationals but they didn't hear. Innoson in expanding but GSK and P&G are gone 2 Likes 1 Share |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by SSFeedsNigeria: 12:27pm On Dec 07, 2023 |
Meanwhile, I saw a "tear rubber" Innoson SUV parked by the roadside today and was so impressed. The vehicle still had its seats covered with nylon. I must say that Igbos are indeed underrated in Nigeria. 1 Like 1 Share |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by Ogene001: 12:29pm On Dec 07, 2023 |
madmohamed:The IGR hungry economic iliterates from the wasteland will never learn 1 Like 1 Share |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by Splashme: 12:49pm On Dec 07, 2023 |
Terrible |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by CandidAdmin(m): 1:15pm On Dec 07, 2023 |
I wonder why you guys will always insult other just o prove your point. Back to the topic. FDI is good, but not at the expense of local firms |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by UptownVibes(m): 1:32pm On Dec 07, 2023 |
This is how to hit the ground running Una mind go dey. He has not even done one year out of 8years yet. 2 Likes 1 Share |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by nedu666: 2:01pm On Dec 07, 2023 |
madmohamed: Foreigners will tell you they are bringing $10 million dollars to invest. They will come with $1 million, borrow $9 million from local bank. They repatriate $50 million every year for next donkey years while paying your people slave wage and settling tax people to game the system 2 Likes 1 Share |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by Melagros(m): 2:19pm On Dec 07, 2023 |
So many people would be rendered jobless as result of poor electrical process hope tinibulation is aware of this |
Re: Worsening Economic Woes: Another 5000 Jobs Lost As P&G Dumps Nigeria by Mynd44: 2:37pm On Dec 07, 2023 |
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