On Business, as Western multinationals exit Nigeria, companies from Asia and Turkey are stepping in to fill the gap.
The depreciation of the Naira and volatile currency swings have deterred many US and Europe-based multinationals from continuing operations in Nigeria. Last week, London-based Diageo Plc sold its controlling stake in Guinness Nigeria Plc to Singapore’s Tolaram Group Inc.
In a similar trend, the local Fouani Group has taken over a facility previously operated by Cincinnati-based Procter & Gamble, which had invested $300 million in the plant.
Despite the challenges, Nigerian firms have also made significant investments, contributing to the country’s economic resilience.
Nigeria remains Africa’s most populous nation, presenting both challenges and opportunities for investors.
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