• About Us
  • Contact Us
  • Privacy & Policy
Wednesday, July 2, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Western Multinationals Exit Nigeria Amid Economic Struggles, Asian and Local Firms Move In

Vincent Amadi by Vincent Amadi
June 19, 2024
in Economy, News
Reading Time: 2 mins read
A A
0
Western Multinationals Exit Nigeria Amid Economic Struggles, Asian and Local Firms Move In
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


Recent reports have highlighted how US and European multinationals are withdrawing from Nigeria due to economic hardship, while Asian and local companies are seizing the opportunity to step in to encroach.
The shift comes as issues such as high inflation, currency devaluation, security concerns, and power shortages make it increasingly difficult for Western companies to operate in the country. For example, Diageo recently sold a majority stake in Guinness Nigeria to Singapore’s Tolaram Group, while domestic companies such as Juani Group have taken over areas vacated by international giants such as Procter & Gamble and GSK.
These developments point to a trend in which companies with strong local adaptation strategies are thriving despite widespread economic uncertainty.
President Bola Tinubu’s policies, including the removal of fuel subsidies and adjustment of the exchange rate, are aimed at increasing government revenues and stimulating economic recovery.

However, the effectiveness of these measures is debated and criticized for their impact on local economies and consumer purchasing power.
The Nigerian Naira has depreciated significantly against the US dollar, posing challenges for businesses that rely on imports. Despite the withdrawal of some multinational companies, companies like Tolaram have managed to grow by localizing their operations to mitigate exchange rate risk.
Tolaram’s success with brands such as Indomie instant noodles highlights the potential of companies willing to invest in local production and source raw materials domestically.
This approach not only mitigates currency fluctuations but also strengthens its market position in Nigeria. The withdrawal of Western companies poses an obstacle to President Tinubu’s economic reform plans, but it also highlights opportunities for resilient local businesses and forward-thinking Asian investors.
The evolving situation reflects Nigeria’s resilience to economic challenges, with domestic companies increasingly poised to drive growth and innovation in key sectors. As the economic environment continues to evolve, stakeholders will be closely monitoring how local businesses and foreign investors navigate these dynamics, which could significantly shape Nigeria’s economic future.

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Speed Darlington Rejects NAPTIP Summons, Denies Allegations of Rape and Cyberbullying
News

Speed Darlington Rejects NAPTIP Summons, Denies Allegations of Rape and Cyberbullying

2 days ago
US based Nigerian CEO arrested in US for fraud and  money laundering
News

US based Nigerian CEO arrested in US for fraud and money laundering

5 days ago
Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

5 days ago
Peter Obi Slams Tinubu Over Deepening Lawlessness, Cites Demolition of Brother’s Property in Lagos
News

Lagos State Government Denies Demolishing Property Allegedly owned to Peter Obi’s Brother, Orders Investigation

6 days ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Experts Question Tinubu’s Saint Lucia Visit Amid Diplomatic Honour and Economic Skepticism
International

Experts Question Tinubu’s Saint Lucia Visit Amid Diplomatic Honour and Economic Skepticism

20 hours ago
President Tinubu Conferred with Knight Commander Honour by Saint Lucia During State Visit
International

President Tinubu Conferred with Knight Commander Honour by Saint Lucia During State Visit

20 hours ago
Mahmuda Terror Group Forms Parallel Government in Kwara Forests, Imposes Laws and Collects Zakat
National

Mahmuda Terror Group Forms Parallel Government in Kwara Forests, Imposes Laws and Collects Zakat

20 hours ago
2027 election: `Democracy must reflect will of the people` Peter Obi warns
National

Peter Obi Pledges One-Term Presidency, Rules Out Atiku Joint Ticket for 2027

20 hours ago
Dangote Refinery Begins Distribution of Petrol Nationwide
National

Dangote Refinery reduce petrol price from N880 to N840

21 hours ago
Reps queries Ibas over N24bn for CCTV, N30bn for gunboats in Rivers’ 2025 budget
National

Reps queries Ibas over N24bn for CCTV, N30bn for gunboats in Rivers’ 2025 budget

22 hours ago

POLITICS

PDP Governors Under Pressure to Join APC Ahead of 2027 — Ologbondiyan

PDP Governors Under Pressure to Join APC Ahead of 2027 — Ologbondiyan

20 hours ago
PDP Crisis: PDP Confirms Samuel Anyanwu as National Secretary

PDP Reaffirms Anyanwu as National Secretary, Shifts National Convention to July

20 hours ago
Akpobari Declares Sole Administrator Role Dead After Wike, Fubara Reconciliation

Akpobari Declares Sole Administrator Role Dead After Wike, Fubara Reconciliation

2 days ago
APC Confirms Incoming Defections from Governors of Bayelsa, Rivers, Kano, Others

APC Confirms Incoming Defections from Governors of Bayelsa, Rivers, Kano, Others

2 days ago
David Mark emerges coalition’s ADC interim national chairman

David Mark emerges coalition’s ADC interim national chairman

3 days ago
Peter Obi urges Northern leaders to invest in education to tackle poverty

2027 elections: Coalition to reveal adopted party this week

3 days ago

YOUR ECONOMY

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

5 days ago
IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s
Economy

IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s

2 weeks ago
Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments
Economy

Enforce Transparent Pump Pricing, oil marketers Cheating Nigerians, PENGASSAN laments

2 weeks ago
PETROAN kicks against Dangote’s petrol distribution strategy
Economy

PETROAN kicks against Dangote’s petrol distribution strategy

2 weeks ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery Begins Distribution of Petrol Nationwide

2 weeks ago
Nigeria Stock Exchange to Partner with Hong Kong’s Stock market
Economy

Nigeria Stock Exchange to Partner with Hong Kong’s Stock market

3 weeks ago

E & P

Luis Enrique: We Can’t Stop Messi Without a Collective Effort
Sports

Luis Enrique: We Can’t Stop Messi Without a Collective Effort

by Steven Atogi
3 days ago
0

Paris Saint Germain (PSG) will face Inter Miami tonight in the highly anticipated Club World Cup match. PSG coach Luis...

Fenerbahçe Closes In on €10M Transfer Deal for Colombian Striker Jhon Durán

Fenerbahçe Closes In on €10M Transfer Deal for Colombian Striker Jhon Durán

4 days ago
Chiamaka Nnadozie Joins Brighton Women FC from Paris FC

Chiamaka Nnadozie Joins Brighton Women FC from Paris FC

4 days ago
Breaking: NAPTIP declares Speed Darlington wanted

Breaking: NAPTIP declares Speed Darlington wanted

5 days ago
Cristiano Ronaldo Extends Al Nassr Contract, Commits to Saudi Pro League Project Until 2027

Cristiano Ronaldo Extends Al Nassr Contract, Commits to Saudi Pro League Project Until 2027

6 days ago
MultiChoice Slashes DStv Decoder Price by 50%

MultiChoice Slashes DStv Decoder Price by 50%

7 days ago

YOUR THOUGHT & HISTORY

Columns

Kidnapped, Silenced, Vindicated: The Full Impact of Kanu’s Judgment

by Odini Brains
4 days ago
The Emerging Kogi: Economic Growth Impact Transforming Better Reality
Columns

The Emerging Kogi: Economic Growth Impact Transforming Better Reality

by Kiikpoye Karibo
7 days ago
ON THE PUBLIC NUISANCE CALLED SOWORE
Opinion

ON THE PUBLIC NUISANCE CALLED SOWORE

by Kiikpoye Karibo
4 months ago
Data Visualizations
Columns

Five Key Considerations for Creating Effective Data Visualizations

by Blessing Chinyere Daniel
6 months ago
The Transformative Power of AI in Revolutionizing Industries and Empowering Growth
Columns

The Transformative Power of AI in Revolutionizing Industries and Empowering Growth

by Blessing Chinyere Daniel
7 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Experts Question Tinubu’s Saint Lucia Visit Amid Diplomatic Honour and Economic Skepticism

Experts Question Tinubu’s Saint Lucia Visit Amid Diplomatic Honour and Economic Skepticism

July 1, 2025
President Tinubu Conferred with Knight Commander Honour by Saint Lucia During State Visit

President Tinubu Conferred with Knight Commander Honour by Saint Lucia During State Visit

July 1, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address