Full List of Companies That Have Left Nigeria Since Tinubu Took Over: What Is Chasing Them?

Several multinational companies, foreign investors and technology businesses have exited Nigeria, discontinued major operations or transferred their Nigerian businesses to other investors since President Bola Ahmed Tinubu assumed office on May 29, 2023.

The departures have affected industries ranging from manufacturing and pharmaceuticals to oil and gas, cement production, retail, financial technology and transportation. Some companies have completely withdrawn from Nigeria, while others have stopped local manufacturing, discontinued specific services or sold significant portions of their Nigerian investments.

The development has raised questions about Nigeria’s investment climate, particularly following the removal of the petrol subsidy, foreign exchange reforms, rising inflation, naira depreciation and increasing operating costs.

Ejes Gist News reports that the corporate withdrawals reflect different business decisions, but several companies have identified foreign exchange difficulties, rising production costs, declining consumer purchasing power and changing global investment priorities as factors affecting their Nigerian operations.

The development has also renewed debate about whether Nigeria’s economic reforms are creating a more attractive environment for investors or making it increasingly difficult for businesses to operate profitably.

Full List of Companies That Have Left Nigeria Since Tinubu Took Over

The following list covers notable corporate exits, discontinued operations, business divestments and service withdrawals between May 29, 2023, and November 2026.

It is important to distinguish between companies that have completely exited Nigeria and those that have merely changed their business models or sold individual investments.

1. GlaxoSmithKline (GSK) – 2023

British pharmaceutical multinational GlaxoSmithKline (GSK) announced in August 2023 that it would discontinue its commercial operations in Nigeria.

The company had operated in Nigeria since 1971, building a significant presence in the country’s pharmaceutical and consumer healthcare markets.

GSK subsequently adopted a third-party distribution arrangement for its products rather than maintaining its previous direct commercial structure.

Its products, including Panadol and other pharmaceutical and healthcare brands, continued to reach Nigerian consumers through distribution partners.

Reuters reported that GSK Nigeria had experienced declining sales, increased competition from local manufacturers and imported products, rising operating expenses and a shrinking consumer market.

The company also faced difficulties associated with the Nigerian business environment, including foreign exchange constraints.

GSK’s departure therefore represented the end of its previous direct commercial operations rather than the complete disappearance of its products from Nigeria.

2. Procter & Gamble (P&G) – 2023

American consumer goods manufacturer Procter & Gamble discontinued local manufacturing operations in Nigeria in December 2023.

The company, which owns brands such as Pampers, Always, Ariel, Oral-B and Gillette, moved towards an import-based business model.

P&G’s decision was associated with the difficulty of operating a dollar-denominated manufacturing business in Nigeria, where foreign exchange instability increased the cost of importing raw materials and maintaining production.

The company had operated a manufacturing facility in Nigeria, but the changing economic environment made its local production model increasingly difficult to sustain.

Its decision did not mean that all P&G products disappeared from the Nigerian market. The company continued supplying products through imports and distribution arrangements.

3. Bolt Food – 2023

Estonian mobility company Bolt discontinued its food-delivery service, Bolt Food, in Nigeria in 2023.

The decision affected its food-delivery operations rather than its entire Nigerian business.

Bolt continued providing ride-hailing services in the country.

The withdrawal reflected the challenges associated with sustaining food-delivery operations in a market where businesses face high logistics costs, intense competition and pressure to maintain affordable prices.

4. Jumia Food – 2023

E-commerce company Jumia discontinued its food-delivery business, Jumia Food, in Nigeria in December 2023.

The company said the decision formed part of its strategy to concentrate on its core e-commerce operations.

The closure affected customers, restaurants, delivery workers and other businesses that depended on the platform.

However, Jumia retained its online marketplace and continued operating its broader e-commerce business in Nigeria.

5. Unilever – 2023

British consumer goods manufacturer Unilever discontinued its Nigerian home-care business, affecting products such as Omo and Sunlight detergents.

The company subsequently concentrated on other categories, including personal care and food products.

However, the timing requires clarification. Unilever announced its decision to discontinue its home-care business in March 2023, before Tinubu assumed office.

The implementation and subsequent restructuring occurred during his administration, but the original decision cannot accurately be attributed to policies introduced after May 29, 2023.

Unilever did not completely leave Nigeria.

6. Sanofi – 2024

French pharmaceutical company Sanofi ended its previous direct commercial distribution model in Nigeria and transferred the distribution of its medicines to a third-party arrangement.

The company announced in November 2023 that a third party would handle its commercial portfolio from February 2024.

Sanofi said the change was intended to improve access to its medicines and better serve patients and the Nigerian healthcare system.

However, industry analysts also pointed to foreign exchange-related losses, shrinking profit margins and rising operating costs as factors affecting pharmaceutical multinationals.

Sanofi’s decision was therefore a restructuring of its commercial operations rather than evidence that all its medicines had disappeared from Nigeria.

7. Kimberly-Clark – 2024

American multinational Kimberly-Clark announced its decision to exit Nigeria in May 2024.

The company, known for Huggies diapers and Kotex sanitary products, planned to close its manufacturing facility and commercial operations in the country.

The announcement followed a review of its global strategic priorities and developments affecting its Nigerian business.

The decision was particularly significant because Kimberly-Clark had invested approximately $100 million in a manufacturing facility in Lagos.

Its withdrawal represented a loss of local manufacturing capacity and raised questions about the sustainability of foreign investments in Nigeria’s consumer goods sector.

8. Equinor – 2024

Norwegian energy company Equinor completed its exit from Nigeria in December 2024 after selling its Nigerian oil and gas assets to Chappal Energies.

The transaction, valued at up to $1.2 billion, included Equinor’s 20.21 per cent interest in the Agbami oil field and other Nigerian petroleum assets.

Equinor had announced the proposed sale in November 2023.

Reuters reported that the transaction ended the company’s approximately 30-year presence in Nigeria.

Equinor said the divestment formed part of its international portfolio strategy, allowing it to concentrate investment in markets where it expected better opportunities to create value.

9. Pick n Pay – 2024

South African supermarket retailer Pick n Pay announced plans to exit its Nigerian joint venture by selling its 51 per cent stake to local partner A.G. Leventis.

The company had entered Nigeria through a partnership and operated two stores.

The proposed withdrawal formed part of its wider strategy to restructure operations outside South Africa and concentrate on its core market.

The development represented another foreign retail investor reducing its exposure to Nigeria’s supermarket industry.

10. Diageo – 2024–2025

British alcoholic beverages company Diageo agreed to sell its 58.02 per cent controlling interest in Guinness Nigeria to Singapore-based Tolaram.

The transaction was announced in June 2024 and subsequently completed.

The sale transferred majority ownership of Guinness Nigeria to Tolaram, changing the ownership structure of one of Nigeria’s most established brewing businesses.

However, Diageo retained ownership of the Guinness brand and entered into long-term licensing and royalty arrangements with the new majority owner.

It also maintained its international premium spirits business in Nigeria.

Consequently, Diageo’s sale should be described as a divestment from controlling ownership of Guinness Nigeria, not a complete withdrawal of all its Nigerian commercial interests.

11. Holcim – 2025

Swiss building materials multinational Holcim completed its exit from Nigeria in August 2025.

The company sold its entire 83.81 per cent shareholding in Lafarge Africa Plc to China’s Huaxin Cement.

Holcim valued the transaction at approximately $1 billion on a 100 per cent equity basis before dividend adjustments.

The transaction transferred control of Lafarge Africa to Huaxin Cement.

Holcim said the sale would provide additional financial capacity for its growth-focused investment strategy.

Although Holcim left Nigeria, Lafarge Africa continued operating under its new ownership structure.

12. Shell – 2025

British energy multinational Shell completed the sale of its onshore Nigerian subsidiary, Shell Petroleum Development Company of Nigeria Limited (SPDC), to the Renaissance consortium in 2025.

The transaction followed years of discussions and regulatory processes surrounding Shell’s intention to withdraw from its onshore oil operations.

The sale transferred Shell’s interests in the relevant onshore and shallow-water assets to the consortium.

Shell’s decision was associated with its strategy to concentrate on offshore and other areas of its Nigerian energy portfolio.

The company, however, retained significant interests in Nigeria’s offshore oil and gas industry and other operations.

It is therefore inaccurate to describe Shell as having completely abandoned Nigeria.

13. TotalEnergies – 2024–2025

French energy company TotalEnergies undertook significant divestments from Nigerian oil and gas assets.

In July 2024, the company announced an agreement to sell its 10 per cent interest in the Shell Petroleum Development Company joint venture licences to Chappal Energies.

The proposed transaction involved 18 licences in the Niger Delta, with arrangements covering oil-producing and gas-producing assets.

TotalEnergies also retained economic interests in certain gas assets connected to Nigeria’s liquefied natural gas supply.

In November 2025, the company completed a separate divestment of its 12.5 per cent non-operated interest in the OML 118 production-sharing contract to Shell and Nigerian Agip Exploration.

The transaction was valued at $510 million.

These transactions represented significant portfolio restructuring, not a complete withdrawal of TotalEnergies from Nigeria.

14. ExxonMobil – 2024

American energy company ExxonMobil transferred its Nigerian shallow-water oil and gas assets to Seplat Energy following the completion of a long-delayed acquisition.

The transaction, initially agreed in February 2022 for approximately $1.28 billion, received Nigerian government approval in October 2024 and was completed in December 2024.

The assets included interests in four oil mining leases and associated infrastructure.

The sale formed part of a broader trend among international oil companies seeking to reduce exposure to certain onshore and shallow-water operations in Nigeria.

Oil theft, pipeline vandalism, operational difficulties and the need to concentrate on more attractive offshore investments have featured in discussions surrounding the divestments.

However, ExxonMobil’s transaction was agreed before Tinubu became president. It should not be presented as a sale initiated entirely under his administration.

15. PZ Cussons – 2025

British consumer goods manufacturer PZ Cussons sold its 50 per cent stake in PZ Wilmar, its Nigerian edible-oils joint venture, to Wilmar International.

The agreement was announced in June 2025 for approximately $70 million.

PZ Wilmar produced edible oils marketed under brands including Mamador and Devon King’s.

PZ Cussons described the transaction as part of its portfolio transformation and its decision to withdraw from a non-core business category.

The sale did not mean that PZ Cussons completely abandoned Nigeria.

In December 2025, the company announced that it would retain its wider African business after reviewing offers for its other African operations.

Its Nigerian consumer goods interests therefore remained separate from the sale of its PZ Wilmar investment.

16. Uber – 2026

American ride-hailing company Uber ended its Nigerian operations on September 2, 2026, after approximately 12 years in the country.

Uber launched its Nigerian service in Lagos in 2014 before expanding into other cities.

The company said it had decided to discontinue operations in Nigeria and Uganda following a review of its evolving business priorities and investment focus across Africa.

The withdrawal affected drivers, passengers and other businesses connected to the ride-hailing platform.

Nigeria’s mobility industry has faced increasing operating expenses, including fuel prices, vehicle maintenance, insurance and other costs.

Uber’s withdrawal did not affect its operations in other African markets.

17. Moove – 2026

Nigerian-founded mobility financing company Moove announced plans to end its Nigerian operations in October 2026.

The company provided vehicle financing to drivers working with ride-hailing platforms and other mobility businesses.

Its business model depended on the ability of drivers to generate sufficient income to meet vehicle financing obligations.

Following its Nigerian withdrawal announcement, Moove introduced an arrangement under which eligible customers would receive full ownership of their vehicles without further payments.

The vehicles involved were valued at approximately ₦35 billion.

The development highlighted the difficulties confronting businesses whose operations depend on the economics of the ride-hailing and transportation industries.

18. Shoprite – 2026

South African retail group Shoprite’s remaining Nigerian property and mall interests became part of its wider exit from the country in 2026.

Shoprite had already sold its Nigerian supermarket subsidiary, Retail Supermarkets Nigeria Limited, in 2021, before Tinubu became president.

However, its remaining Nigerian property interests were subsequently classified as discontinued operations following an agreement to dispose of assets including Asaba Mall Development Company, Delta Mall Development Company and Owerri Mall Development Company.

The development represented the completion of a wider corporate withdrawal from its remaining Nigerian interests.

It is important not to describe Shoprite’s original supermarket exit as a decision made under Tinubu because that transaction predated his administration.

Other Companies That Reduced Operations or Discontinued Specific Services

The following companies also experienced significant changes in Nigeria but should not be classified as complete corporate exits.

19. Microsoft

American technology company Microsoft restructured its African operations, including its engineering presence in Lagos.

The changes involved job cuts at its Africa Development Centre.

However, reports that Microsoft completely left Nigeria were inaccurate.

The company did not announce a complete withdrawal from the Nigerian market. Its restructuring should therefore be understood as a reduction in particular operations rather than a full corporate exit.

20. Binance

Cryptocurrency exchange Binance suspended its naira-related services in 2024 following regulatory disputes with Nigerian authorities.

The company stopped naira deposits, withdrawals and peer-to-peer naira trading on its platform.

The development affected Nigerian cryptocurrency users and the country’s digital asset trading market.

However, the suspension of naira services should not be confused with a verified complete withdrawal of Binance from Nigeria.

Nigerian Technology Startups That Shut Down or Withdrew

The departures were not limited to multinational corporations. Nigerian startups and technology companies also experienced closures, restructuring and discontinued services.

Several businesses that attracted investment during the expansion of Nigeria’s technology industry struggled to maintain their operations.

21. Pivo Africa – 2023

Nigerian fintech startup Pivo Africa shut down its operations in December 2023.

The company provided financial services to small businesses operating in supply chains, logistics and haulage.

Despite attracting investor interest, the startup struggled to sustain its business operations.

Its closure highlighted the difficulties confronting fintech businesses serving small and medium-sized enterprises.

22. Kippa – 2023

Nigerian fintech company Kippa discontinued its agency-banking operations in November 2023.

The company had developed financial and business-management services for small businesses.

The withdrawal affected its agency-banking activities but should not automatically be interpreted as the closure of every product associated with the company.

23. Pillow – 2023

Cryptocurrency and financial technology startup Pillow announced its withdrawal from its operating markets in July 2023.

The company had provided cryptocurrency-related financial services.

Its decision formed part of the difficulties affecting cryptocurrency-focused businesses operating across emerging markets.

24. Lazerpay – 2023

Nigerian cryptocurrency payments startup Lazerpay shut down in 2023 after encountering difficulties securing additional funding.

The company developed payment infrastructure that allowed businesses to receive cryptocurrency payments.

Its closure illustrated the funding and sustainability challenges affecting cryptocurrency startups in Nigeria.

25. 54gene – 2023

Nigerian health technology and genomics startup 54gene shut down its operations in 2023 following financial and operational difficulties.

The company had attracted significant investor funding and worked on genomic research and healthcare innovation.

Its closure raised questions about the sustainability of capital-intensive technology and healthcare businesses in emerging markets.

26. Gigbanc – 2026

Financial technology company Gigbanc was among the technology businesses reported to have wound down operations in Nigeria in 2026.

The company’s withdrawal reflected the pressures affecting digital financial services, including currency instability, operating costs and the difficulty of maintaining sustainable revenue models.

27. Chimoney – 2026

Chimoney was also among the technology businesses reported to have halted new transactions before undergoing acquisition-related developments.

Its situation should be distinguished from a straightforward permanent closure because the business underwent a change in ownership and operating arrangements.

28. Onafriq’s Baxi Agent-Banking Business – 2026

Onafriq withdrew from the Baxi agent-banking business in Nigeria as part of changes to its operations.

The development affected the agent-banking service rather than establishing that Onafriq had completely exited Nigeria.

This distinction is important because the company maintained other financial technology operations.

What Is Chasing Companies Out of Nigeria?

The departures have raised questions about the cost of doing business in Nigeria and the country’s ability to attract and retain international investors.

Although the reasons differ from one company to another, several economic challenges repeatedly appear in corporate announcements, industry reports and investment analyses.

1. Naira Depreciation and Foreign Exchange Crisis

Foreign exchange instability is one of the major challenges affecting companies operating in Nigeria.

Businesses that import raw materials, machinery, pharmaceutical ingredients and finished products require foreign currency to maintain their supply chains.

When the naira loses value against the dollar, the local-currency cost of these transactions increases.

Companies that generate revenue in naira but incur substantial expenses in dollars face additional pressure on their profit margins.

Procter & Gamble specifically identified the difficulty of operating as a dollar-denominated business in Nigeria as a factor behind its decision to discontinue local manufacturing.

Foreign exchange constraints have also affected the ability of businesses to import production materials and repatriate profits to their international parent companies.

2. Removal of Petrol Subsidy

President Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023.

The policy resulted in a significant change in Nigeria’s fuel pricing structure.

Although the government defended the reform as necessary to reduce public expenditure and improve fiscal sustainability, higher fuel prices increased the operating costs of businesses across several industries.

Manufacturers, transport operators, distributors and retailers experienced increased expenses associated with transportation, logistics and alternative electricity generation.

Companies operating extensive distribution networks faced additional pressure on their operating budgets.

3. Rising Inflation and Declining Consumer Purchasing Power

Inflation has increased the cost of essential goods and services in Nigeria.

As households spend more on food, transportation, housing, healthcare and education, the amount available for other consumer products becomes more limited.

This creates difficulties for manufacturers and retailers because increasing production costs does not automatically translate into higher sales revenue.

Companies may increase prices to protect their profit margins, but higher prices can reduce demand.

The situation creates a difficult operating environment for consumer goods manufacturers, supermarkets and other businesses that depend on large volumes of sales.

4. High Electricity and Manufacturing Costs

Nigeria’s electricity supply challenges remain a major concern for manufacturers.

Businesses often depend on generators and alternative energy sources to maintain production when public electricity supply is inadequate.

The costs of diesel, petrol, generator maintenance and industrial power infrastructure increase the cost of manufacturing locally.

For companies competing with imported products, these expenses can make Nigerian manufacturing less attractive.

The situation has particular implications for industries that require uninterrupted electricity, including pharmaceuticals, food processing, cement production and consumer goods manufacturing.

5. Uncertainty in Government Policies and Regulations

International investors require predictable regulations to plan production, taxation, imports, exports and long-term capital expenditure.

Frequent policy adjustments, regulatory uncertainty and difficulties obtaining foreign currency can complicate investment decisions.

Businesses operating in highly regulated sectors, including banking, telecommunications, pharmaceuticals and energy, may face additional compliance expenses.

The regulatory dispute involving Binance illustrates how government decisions can affect the availability of particular services in Nigeria.

6. High Interest Rates and Limited Access to Credit

High borrowing costs can discourage businesses from financing expansion, purchasing machinery and maintaining working capital.

Small and medium-sized enterprises are particularly vulnerable because they may not have access to affordable long-term financing.

Technology startups also depend heavily on venture capital and private investment.

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When international investors become more cautious about emerging markets, Nigerian technology companies may struggle to secure the funding required to sustain their operations.

7. Security and Infrastructure Challenges

Insecurity, poor road infrastructure, logistics difficulties and inconsistent public services can increase the cost of doing business.

Companies operating across several states must account for transportation risks, distribution expenses and the cost of protecting employees and assets.

Oil and gas companies operating in the Niger Delta have also faced challenges involving crude oil theft, pipeline vandalism and disruptions to production.

These difficulties have contributed to the decisions of some international oil companies to reduce their exposure to onshore operations.

8. Global Corporate Restructuring and Investment Priorities

Not every company that sold its Nigerian assets did so because of economic difficulties in Nigeria.

International companies regularly review their global portfolios to concentrate on businesses and markets they consider strategically important.

Equinor, for example, described its Nigerian divestment as part of its international portfolio optimisation.

Diageo’s Guinness Nigeria transaction was designed to adopt a different operating model while retaining the Guinness brand and its Nigerian commercial relationship.

Holcim also described its Lafarge Africa sale as part of its capital allocation strategy.

These cases demonstrate why corporate exits must be examined individually rather than attributed to a single economic policy.

Did Tinubu’s Economic Policies Cause the Corporate Exits?

The timing of the departures has placed the Tinubu administration’s economic reforms under scrutiny.

The removal of the petrol subsidy, foreign exchange liberalisation and other economic adjustments changed the operating environment for businesses.

However, attributing every corporate exit exclusively to Tinubu’s policies would be inaccurate.

Some companies had already started reviewing their Nigerian investments before May 29, 2023.

For example, the proposed sale of ExxonMobil’s Nigerian assets to Seplat was announced in February 2022, before Tinubu became president.

Unilever announced its home-care business restructuring in March 2023, also before the inauguration.

Similarly, Sanofi’s transition towards third-party distribution was announced in November 2023, but industry analysts told BusinessDay that some multinational pharmaceutical companies had been considering changes to their business models for several years.

Other companies, including Equinor and Holcim, identified global portfolio restructuring and capital allocation as important considerations behind their divestments.

Nevertheless, foreign exchange instability, naira depreciation, inflation, electricity costs and weak consumer purchasing power have been repeatedly identified as major challenges affecting businesses operating in Nigeria.

The distinction is important: the economic environment under Tinubu has influenced corporate decisions, but the timing of a transaction does not establish that the administration caused every company’s departure.

How the Corporate Exits Affect Nigeria’s Economy

The departure of multinational companies and the closure of Nigerian startups have implications for employment, manufacturing, foreign investment and government revenue.

Job losses: Companies that close factories, offices or commercial operations may lay off employees and affect contractors, distributors and other businesses within their supply chains.

Reduced local manufacturing: When manufacturers replace local production with imported finished goods, Nigeria loses some domestic production capacity and associated industrial activity.

Pressure on foreign investment: Corporate exits and asset sales can influence how international investors assess Nigeria’s business environment.

Higher import dependence: Businesses that stop manufacturing locally but continue selling imported products may increase demand for foreign currency.

Reduced business opportunities: The closure of technology startups and service providers can affect consumers, small businesses and workers who depend on their platforms.

Changes in ownership: When international investors sell Nigerian assets to local or foreign buyers, the businesses may continue operating, but strategic control and investment decisions move to new owners.

Companies That Left Completely Versus Those That Only Reduced Operations

For accuracy, the companies and businesses covered in this report fall into different categories.

Complete or substantial corporate exits:

• GlaxoSmithKline’s direct Nigerian commercial business.
• Equinor.
• Kimberly-Clark.
• Uber.
• Holcim’s Nigerian business.
• Shoprite’s remaining Nigerian property interests.

Local manufacturing, service or business-line withdrawals:

• Procter & Gamble.
• Unilever’s home-care business.
• Bolt Food.
• Jumia Food.
• Sanofi’s direct commercial distribution model.
• Binance’s naira services.
• Pivo Africa.
• Kippa’s agency-banking operations.
• Pillow.
• Lazerpay.
• 54gene.
• Gigbanc.
• Chimoney’s previous transaction services.
• Onafriq’s Baxi agent-banking business.

Asset sales, divestments and ownership transfers:

• Diageo’s controlling stake in Guinness Nigeria.
• Pick n Pay’s Nigerian joint venture interest.
• Shell’s SPDC subsidiary.
• TotalEnergies’ interests in selected petroleum assets.
• ExxonMobil’s Nigerian shallow-water assets.
• PZ Cussons’ stake in PZ Wilmar.

Companies that should not be described as having completely left Nigeria:

• Microsoft.
• Unilever.
• P&G.
• Jumia.
• Bolt.
• Binance.
• Diageo.
• Shell.
• TotalEnergies.
• PZ Cussons.

The classification matters because a company selling a subsidiary, discontinuing a product or stopping local manufacturing is not necessarily the same as a complete corporate withdrawal.

Sources and Further Reading

The report draws on published reporting, corporate announcements and financial disclosures from the following organisations:

1. Reuters – GSK’s decision to discontinue direct Nigerian operations and Equinor’s Nigerian asset sale.
2. BusinessDay – Nigeria’s economic woes send 13 companies fleeing in 18 months.
3. Africa Check – List of companies allegedly leaving Nigeria under Tinubu’s presidency is not accurate.
4. Diageo – Diageo transforms business model in Nigeria.
5. Holcim – Holcim closes Nigeria divestment.
6. TotalEnergies – Nigeria: TotalEnergies sells its interest in SPDC joint venture.
7. PZ Cussons – Sale of non-core Nigerian joint venture.
8. The PUNCH – Uber exits Nigeria after 12 years.
9. Nairametrics – Seven global companies that have pulled back from Nigeria under Tinubu.
10. BusinessDay – Five tech businesses retreat in first 10 months of 2026.