P&G (Procter & Gamble) Dissolves Ground Operations in NIgeria

Date: 07-12-2023 8:47 am (2 months ago) | Author: kacy lee
- at 7-12-2023 08:47 AM (2 months ago)
(f)

Consumer goods giant Procter & Gamble has stated it plans to dissolve on-ground operations in Nigeria and carry out imports only.

The Chief Financial Officer of the group Andre Schulten stated this during his presentation at the Morgan Stanley Global Consumer & Retail Conference. 
The company explained that it is difficult to do business in Nigeria as a dollar-denominated organisation and the macroeconomic reality in Nigeria is responsible for its latest strategic decision. 

The current macroeconomic conditions in Nigeria have negatively affected foreign USD-denominated companies in Nigeria.
These companies have often cited difficulty in sending back U.S. dollars outside Nigeria.

The Central Bank has acknowledged it has a forex backlog to the tune of around $7 billion which makes it more difficult for USD-denominated Companies.


Posted: at 7-12-2023 08:47 AM (2 months ago) | Addicted Hero
- kp45 at 7-12-2023 12:45 PM (2 months ago)
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Backlog that was looted and given to politicians
Posted: at 7-12-2023 12:45 PM (2 months ago) | Addicted Hero
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- gogoman at 7-12-2023 02:00 PM (2 months ago)
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 Roll Eyes Roll Eyes Roll Eyes
Posted: at 7-12-2023 02:00 PM (2 months ago) | Grande Master
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