Diageo, the beverage company for Guinness Nigeria, has left Nigeria, joining a growing list of multinational organizations that have recently left the country.A filing sent to the Nigerian Exchange Limited (NGX) on Tuesday by Guinness Nigeria, expressed that Tolaram has agreed to obtain Diageo’s 58.2 percent shareholding in Guinness Nigeria Plc and is additionally anticipated to enter into a long-term permit and royalty agreement for the proceeded production of the Guinness brand and its locally manufactured Diageo ready-to-drink and standard spirits brands.
The transaction is anticipated to be completed amid Fiscal 2025, subject to obtaining the essential regulatory approvals in Nigeria.On completion of this transaction, Guinness Nigeria will remain listed on the floor of the NGX, and subject to regulatory approvals, Tolaram will launch a mandatory takeover offer in compliance with local law necessities. This improvement underscores the progressively challenging business environment in Nigeria, characterized by economic instability, regulatory hurdles, and security concerns.
Diageo’s flight follows similar moves by other significant players in different businesses, indicating broader issues that are making Nigeria less attractive to universal businesses. Industry giants like Procter and Gamble, GlaxoSmithKline, Kimberly-Clark, Pernod Ricard, and Unilever, have already expressed their exits, due to “unfavorable conditions”. For example, Kimberly-Clark, producer of Huggies diapers and Kotex feminine care products expressed that it’ll be closing its facility due to declining production and difficult economic conditions while Proctor and Gamble clarified that its choice to exit was also due to a challenging business environment as well as the difficultly in making US dollar value.
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