Why Are Multinationals Like P&G, GSK and Sanofi Leaving Nigeria?
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- เผยแพร่เมื่อ 4 ต.ค. 2024
- Nigeria's currency crisis has triggered an exodus of businesses from the country. At least four multinationals, including GSK, Bayer and Sanofi, have announced they're ending production, as a scarcity of dollars, a naira in freefall and rampant inflation slashes profits. Bloomberg's Jennifer Zabasajja reports.
Challenges in Nigeria are overwhelming. We need new leaders, not the same old men.
We have you. What's left?
You get the leaders you deserve
@@jawbone1218we can pray to jesus
A people deserve their leaders. You sowed the wind in the last election, now reap the whirlwind.
@@1wun1 No. We get the leaders we endure. Culturally, Nigerians have always endured bad leaderships. They would rather complain endlessly than do anything serious to remove bad leaders from their politics.
They're leaving Nigeria because what you call a government is a huge JOKE...run by comedians...!!!
It's not a joke. It's a nightmare. This foolish government may cause one of two things: the kind of civil unrest happening in Haiti right now, or a military intervention when 200 million starving Nigerians go to the streets to protest.
Sounds like South Africa
@@johanlotter5197 It's unfortunate. Two great African nations suffering from bad leadership.
So, So majorly sad how South Africa went from being a super nation to what it is today. So 😔 sad...!
Nigeria has always been a joke for the last 25 years especially. We just have the internet to show us.
Terrorism, Islam, declining currency, rampant corruption, lack of public safety for workers, lack of confidence in the Naira, the list goes on
Why would Islam be a reason?
Kindly take your hate else where and come up with a tangible solution or just stay quiet if you dont have any meaningful thing to say....
@deffury I disagree with you, Islam can't exist with other religions. They want to wipe out other religions in Nigeria. If you want to speak of hate why not reflect on the Islamic terrorism world wide. You are the problem and you are so shameless you can even walk around critizising others. Truly ignorant
@@deffury then why did you also comment as well clown , if islam calls terrorism a holy war its fine? just because the quran says it in surah 9 verse 29 ? we also have christians priest who are child predators , we condemn those christian predators but why not islam in terrorism ?
@@deffurytrue! Such a rampant islamophobia
There are many wealthier majority Muslim nations (even excluding the petro-states) and Nigeria is not even majority Muslim!
If Islam is a problem, then why the middle Eastern nations are so rich??
Exactly the same in SA - corruption,protests,incompetence......capital fleight...
SA companies are moving in more and more regardless though. I think the dynamics are technically different
Bullshit. South Africa still had a positive net FDI as compared to Nigeria.
@@tiltburnndaaa5849south Africa and Nigeria share the same problems
@@tiltburnndaaa5849 you mean net FDI GROWTH, Nigeria also has a positive net FDI, we're just shrinking
I like this type of video. It's on point to the answer
Foreign exchange is the biggest reason. Its very expensive to move money when the exchange rate is so unstable.
This is not in my "wheelhouse", but the Nigerian currency is unstable? If so, someone "goofed up". I'd a thought polical Graff. Corrupt government, maybe. Make since if it's "unstable currency".
Is this a joke ?
Unstable exchange rates are the result of the government who administers the money supply.
The solution is well known: The CFA Franc.
@@walideg5304 🤣🤣🤣 Ecowas mentality
It’s not just Nigeria it’s pretty much what’s going on in Africa. You can’t develop a country on corruption. New leaders have to be reformed before they reform the country
corruption is high bcz social policies means more burocracy which opens more rooms for corruption thats why everyone should embrace capitalism
@@tariizm1500we aren't corrupt because of social programs, we're corrupt because of crony capitalism and lack of rule of law
Nigeria is very corrupt and the leaders have no interest in anything apart from looting and rent-seeking, the last 9 years have been very difficult especially due to the anti-people and business policies, it is not surprising that businesses are leaving, also purchasing power in the last 9 years has been greatly reduced
A lot of African leaders are simplifying their economies to improve the ease of doing business. On the other hand, currupt Nigerians are doing the exact opposite because it serves the selfish, greedy and currupt interests of the few wealthy ruling class
I mean the Brts do this too but hide it so who is to blame for Nigerian's problems from history??? Britssss???
There are easier countries to invest your money such as Kenya and South Africa. Nigeria need extreme reform which won't happen soon or later
Must you guys always involve yourselves in something that has nothing to do with you
Or ever
South Africa is doomed
South Africa? You must be joking...
South Africa is the last place you want to do business in. Crime there is on uncontrollable levels.
The corruption in Nigeria is on pandemic levels, the resource curse is very real and manefists in many different ways but like children, citizens ape the practices of their leaders, who pocketing the oil riches for themselves and thus they follow suit. This hobbles everyhing and everyone including foreign investors.
This "resourse curse" isn't present in Saudi Arabia, Norway, Canada, Australia, Botswana.
Nigerians need to find a good man (that care about the people) and defend him at any cost. Otherwise nothing will change.
@@edouard9867 correct about a good man or indeed woman.
By the way, Saudi is one of the most corrupted places on Earth. People are bought-off or they are killed or they go to in prison. The corruption in this regards is from the Royal Family/ regime corrupting its citizans with terror/fear in heave doses.
Most oil rich arabs states operate this policy.
For example
Putin has been doing this for soo long most Russians think this is normal and we are the ones that are messed up. Obviously knowing if this is their real thoughts is rather difficult, since people start to self regulate as a survival mechanism. Russian authorities just have to monitor and weed out the decentors that pop their heads over the parapit once in a while, this is commonly called mowing the lawn, I think 😳
@@edouard9867 resource curse isnt present in saudi arabia because they have sooo much resources lmao - they will soon see what their corruption will bring them once oil revenues go down
Nigeria is a ticking time bomb
And has on of the highest birth rates in the World.
@@friedrichjunztso they're breeding like rabbits. And eventually their population willl grow, thus creating more mouths to feed and depend on western aid
@@friedrichjunztone of the highest deforestation rates, one of the lowest life expectancy
It pains when you can clearly sees the wrong foreign economic policies being adopted by our so called experience leaders failing over and over again but there cant see it.
It's intentional...
When the national sport is corruption, it’s impossible for outsiders to play.
Purchasing power is also low for the price of their products
P&G in Venezuela had a problem years ago when they were receiving sales in local currency and had a hard time converting it (at a fair rate) to USD. Nowadays, they are barely here, but the official exchange rate is very close to the black market rate, and the USD is used for most transactions in the country. Although this reduces the risk for multinationals, there is a still a lot to be done if they are to invest like they did in the 1960's to early 1990's.
Solution is to pray to Jesus 😂😂
Venezuela is still on the US sanctions list
It's about time local producers rise in Nigeria to meet the growing demand.
That's not the problem 😕
That's not the problem 😕
@@DavidOkonkwo-lu5uf 🤦🏽♂️ Please don't say it's the government or the exchange rate.
if Billion dollar multi nationals are struggling what makes you think the locals will fare better?
@@thecatalyst1762 tbh, said multinationals struggling for different but related reasons.
With so many princes and barristers in Nigeria recovering money from foreign banks how can Nigeria be short in dollars?
Nigerian Prince & Indian tech support
The greatest rivalries of Modern times
@kkkk25yearsago Prince is superior, they "donate" in billions
@@kkkk25yearsago79I’m an Indian and this made me laugh hard
Astounding similarities with Angola.
Interesting.
Often Angola is presented as the new rising star of Africa. At least Lusaka is.
@@mickadatwist1620 you mean Luanda? Lusaka is the capital of Zambia not Angola.
…and South Africa will follow soon with similar exits given the gross political incompetence on display
😂😂😂😂😂 pray harder
You want to see political incompetence, look west! South Africa's economic outlook fares better than Germany and UK right now
What a stupid desire😂😂😂😂
Pray very hard😂😂😂😂😂😂😂😂😂.
I guess the whole continent got the same issues... We just have very bad leaders in most of our countries, serving their families and some western countries
Same with south asia
0:54 Since when does Bloomberg not add a y-axis to their charts anymore??
The country is so poorly run by incompetent professionals to the extent that there's scarcity of every basic necessities of living. I'm speaking about gasoline, fresh fruits and vegetables, used cars, qualified and competent professionals (NOT QUACKS), power supply, genuine grocery items, including the nation's currency notes or bank notes.
Imagine going into the bank to withdraw some of your millions and you're told you can only get 20000. Well...thats what people experience here in Nigeria. Infact, it's a completely failed state, not worthy to have been incorporated as a sovereign state. The country will be better off anexed and run by either Botswana, Ghana or South Africa
Annexation wont change the culture.
@@TheMrgoodmanners
It wouldn't solve all the problems but It'll solve some of the problems, provided Nigerians are prevented from running anything. Basic orderliness, human decipline and respect for law and order is completely lacking in Nigeria.
It's no surprise that the country has gone from grace in the 70s and 80s to the most poorly or hurribly run country in Africa. I'm not even going to get into how basic public services are run in such an unconventional way not seem anywhere in Africa or beyond.
Good news for Africa
❤💯👍
Our president doesn't see this and his looking for people to invest what did you do for the country.
"complex buerocracy" - what a nice way to avoid saying "fraud", "corruption" and "nepotism" 😅
They should have chosen Ghana -- far more stable.
Corruption is such a tragedy. Nigeria has the potential to be a very well developed country 😢
How do the local people use their credit cards like visa and Mastercard for USD purchases?
You have to get a usd domiciliary account and card, you cannot use a normal Naira card.
You cannot withdraw foreign currencies, only put them in your account. The transaction and banking rates are high
Giant of Africa
Nigeria is a giant disaster!
Giant failure
And corruption.
Failed state
lol coz we dont have enough USD? This is a chance for local businesses to grow. Nigeria has no reason to be poor. Dangote is the richest blackman in the world with all his businesses in Nigeria. Other Nigerian brands can use this as an opportunity to meet the growing demands. This can be good for us. Not like other countries that wait for their goverment. Nigerians are known to pave way for themselves.
@@mayanaijaDangote being the richest black man in the world means nothing to the common man in Nigeria. Living vicariously through people who launder money for the corrupt elite should not be something to celebrate.
@@mayanaija congratulations on your billionaire, but it doesn't change the millions living in poverty.
@@NotKimiRaikkonen1 Do you do selective reading. How do you think he became a billionaire? Nigeria has a very large economy which means large number of consumers. He makes cement, sugar, flour evrry product you can think of and he is now in oil. He didnt have alot of local competitors. Which P& G leaving, it will be good for other local manufacturer to meet thegrowing demands. learn to read before commenting.
@@tmajec is tht all you got from everything you read. I bet you pnly read about Dangote and stopped there. What made him a billionaire is not for the largest economy in West Africa? So obviously P&G leaving Nigeria will give opportunity to other local manufacturers like Dangote to cater to the demands
This is pure economics here.
Qatar, other muslim country who spread their religion in Nigerians should build the nation
Wait, Qatar? Please tell me more, I didn't know of a Qatar angle in Nigerian conflicts.
Transportation,Reliability, and Competitive global taxation are the three most important asset for all developing and underdevelop economies need to tackle for growth.
I hope multinationals will move from Nigeria to our Central Africa Republic.
Oh my God 187,000,000 million FDI outflows
Ihave heard that they have huge crude reserves so why this poverty .
Because they only export oil. No investment in education, technology, infrastructure, etc. Typical African country.
Resource curse...
Bihari lol.
@@arpanmandal7244 Bhai Nigerian economy ki video me ek Nigerian aur teen Bharatiya comment kar rahe hen lol. We are literally everywhere.
BTW, fun fact: Pakistan has lower GDP and lower GDP per capita than Nigeria. XD
@@arpanmandal7244 when I used to live in Yenagoa, there was Indian I used to go on morning jogs with named Arpan in the estate we stayed at(Golden Tulip)
Experiencing the same in kenya.. is it a global issue or just an African issue
Its an African issue. But there is a global angle to it also. Mainly the west and the world is experiencing huge economic slump. Second African countries are failing at what it was expected to do, like African countries seemed to be business friendly a decade back and companies invested on the cheap labour thinking that Africans socio and polical system will get better in time so they no longer have to depend on more expensive Asian markets. However Africans failed to do so and companies are going back to Asia.
a global plan coming together. Another industrial revolution is on the move so the old needs to go. this plan has been on for years and its only quite visible now. AI taking a center stage gradually and middle class will be destroyed.
@@forkrust9296The USA is not experiencing a slump. North America (Canada, Mexico, USA) is the consumption demographic, energy hub and manufacturing powerhouse of the world.
Tanzania is opposite, do not make your problems an African problem.
Its a Fucking Black Skin issue palguing America also
I remember when they try to extort I mean sanction Binance amounting to $10 billion dollars by arresting executives who travel to Nigeria 😂
And corruption !
I like the fact that news like this is getting out. The past 8yrs till date Nigerians keep voting the wrong leaders into office
Only 8 years?
Imagine that the one country that hasn’t had a coup
That's exactly the problem. It's overdue for one
Nigeria has had coups since the 60s ,70s and 80s and has unfair elections
@@KoketsoR7
Which means Nigeria is overdue for a coup and it should be now or forever hold your peace
@@XY-rh3if a coup wont fix anything.
You must be joking, obviously you don't know the history of Nigeria
What i get out of it is that corporations haven’t found efficient way of extracting wealth from people and it is not worth it for them the trouble, they’re gonna go somewhere else
Bingo
What's wrong with that? It's not a charity, as long as they provide useful products the it's good.
Just spend in Vietnam, Bangladesh, India,Indonesia or Malaysia instead of Nigeria
And the odious homophobia in Nigeria and more, does the lady also think that it might have something to do with it? The prospect of your brother, your best friend, your son being thrown in jail for life for having a relationship, do you perhaps think that companies do not feel very good? The "for God" pretext is smelling so strongly of sulfur that an unseen and cryptic face is watching
I am just shocked they went there in the first place 😅😅😅
With Exports the country will progress.
Free zones should be given to foreign companies for success. Private electricity players needed. Logistics improvement.
People seem to leave the country too.
Nigerians are everywhere. Pleasant people to work with bar their time keeping.
Whatever reasons why they're leaving it's an opportunity for others and the locals to make a kill and I can bet those who leave today are standing by the corner watching the new players in town and strategizing when to come back
you are a clown
The interest rate from the banks are too much for the local industries.
Good. The country is a failed state.
Why's it good though?
@@utuberme1 Let the whole charade end, so actual solutions can be implemented
I would also leave if I could. Why would anyone stay in auch a messed up place?
It's the people.
they out and china in 😂😂
😀😀😀😀. Ask Mercedes Benz why they left Nigeria a long time ago! Nigerians are not stupid. You can only bring money in but you can’t take money out.
Its home to the largest number of liars. What did they expect?
As a Nigerian the federal government should bring back indigenization policy before 2030...
To achieve what exactly?
@@BrawlyisliveYThow even the USA and UK protect their domestic industries from foreign companies
Nigeria is already very unequal. Regional and indigenous policies will just expand the gap.
As a Pitakwa boy I'm good regardless 😁👍
The title makes it sound like the multinationals are leaving the market. They are just ceasing manufacturing in Nigeria.
Nigeria have become bankrupt.
What a mess
Kidnapping, bad infrastructure and roads, unreliable electricity, corruption, etcetera
Same situation like Bangladesh.
Which is the best african country which is politically & religiously stabilized
Mauritius
A Africa é muito difícil, eles não conseguem seguir regras, garantir propriedade, investir em infraestrutura, aumentar o nível educacional e nem manter a democracia. Há um déficit de gestão e planejamento. No future!
a little more years, with the current political leaders in the Philippines, our country will be heading that way too
They are also leaving the DRC, Kinshasa! Because of increasing corruption with Tshisekedi président.
I feel bad for Nigerians
Why? They scammed the whole world of their money and killed many through their drugs
Mtn also had the same problem
Because it’s Nigeria
0:42 FDI NEGATIVEA correction in the video text
Can't get your Dollars out. Haha.
First of all, why would you even go to Nigeria?
Uncontrolled demography and overurbanization will kill Africa
what the f*** demography has to do whith this matter? Have you ever been in Indonesia, Singapore, Thailand, India? You know what is the population density there?
Use your brain a little instead of repeating what you hear on the western media
cool videos )))
I think indian brands should enter Nigeria. Indians have much better understanding with Nigeria compared western nations.
Indian brands are also better in Africa than Chinese brands
Yeah because they are cheaper than other brands and Indian brands have experience in dealing with corrupt officials and this multi level of bureaucracy
@@anubhav111196 buddy every damm brand does that...take TCS probably one of the biggest to do so but no one talk about it.
@@siddhantpatil292 that's true, Indian brands that prospered in Black days of license Raj could set up shops in every country
@@anubhav111196 yes! Absolutely true!
😂😅.. the zoological republic is collapsing very fast
In Nigeria there is only two places that looks like ...‘ normal ‘ .
They are in Lagos and are Banana and Victoria Islands . Forget about the rest of the whole country which is a complete joke , totally failed state .
Coz they realized they have only one nationality.
believe it, oil producing country without power!
Kenya is currently the best African country to do business
if only it wasn’t so darn corrupt
Indeed Kenya is a good one, together with Tz and South Africa. Kenya having a better entry than those two.
Kenya is rubbish. Taxes are extreme, corruption is at par with nigeria, dirty, poor infrastructure, population is significantly poorer than Nigeria etc
@@TheMrgoodmanners Kenya is way better than Nigeria, they just need to overcome corruption and infrastructural problems. Kenya has way more opportunities than Nigeria
@@TheMrgoodmannersare you serious ?? Kenya is literally growing with 6% grow rate and already passed nigeria in gdp per capita.
The economy is very very unstable
In Africa people only cry about past.. History... And colonialism.... Which is past.. No country was immune from colonial era... Everyone had faced their share of problems and overcome them... We have many examples of such Great countries.... But Africa is getting exploited more than it was in past... By its own people and they don't except the fact ..
Same in india
Ig south asia and Africa need to come out from past and to look towards better future
Both these regions are densely populated but are still has too much poverty
The existence of bribery tax
E patewo fun tinubu 👏
It is great to hear that extractive Imperialist companies are existing Nigeria as this will give space to native companies to crop up and move the country forward.
😂😂😂 you ate losing FDI & jobs have some brain
@@asianguy86 That FDI model worked in the subservient Oriental world which has historically fetishized the European way of life. Africa is different and these companies are fleeing because they just DO NOT UNDERSTAND THE AFRICAN soul.
I know using terms as imperialist makes you sound cool, but the problem is these companies actually provide jobs and if they were successful it would’ve promoted other foreign companies to also setup their shops in Nigeria but if a company like P&G is struggling then it’s quite gloomy for a country
@@anubhav111196 Extrective Western brands are being turfed out of China and are struggling to get a foothold in Africa. This is the flip side of the coin of opposition to the globalist agenda. You cannot decry globalisation when China is handing your ass to you and still expect to get rich via dividends selling overpriced coffee, obesity causing sugar and fat as well as other PFAS laden wares.
Or, could it just be that religion is eventually going to sink that ship?😉
Omo wa ni e je o seh
Bala blu
Thanks to usa puppy
Multi national companies should shift business to South Africa 🌍.
South Africa is not doing well either. Hasn't been so in almost 15 years
Bitcoin fixes this
Succinctly put!
It's okay Nigeria. Use this as an opportunity to R&D and Fund your own alternatives.❤
Nigeria is a shit hole. And that’s why they’re leaving.
One of the most corrupt country.
De dollarization is just sanctioning yourself
world collapse damn
Shift to Pakistan
Pakistan has a lower GDP and lower GDP per capita than Nigeria. Patwari.
It is old days of india society 😅
Do they even are profiting from Africans ? Or are betting on them becoming rich, I doubt it if true they wouldn’t come to Europe same with Indians although I think Indians will become richer even tho not at Chinese scale imo
1:18 How can you deal with people who act like this? Where is the dignity?
Tinubulation...lol
Lol sounds like kenya.
-kenyan