Procter & Gamble (P&G), maker of consumer goods, has announced plans to end on-ground operations in Nigeria and resort to importing products in the country’s market.
The Chief Financial Officer of the group, Andre Schulten, disclosed this during his presentation at the Morgan Stanley Global Consumer & Retail Conference.
Schouten, who decried the difficulty in doing business in Nigeria as a dollar-denominated organisation said, “The other reality that arises in some of these markets is that it gets increasingly difficult to operate and create U.S dollar value.
Responding to questions about the effect of the company’s planned restructuring in Nigeria and Argentina on its overall group’s portfolio, the CFO explained that Nigeria is a $50 million net sales business.
P&G To Exit Nigeria Amid Forex Crisis
Procter & Gamble (P&G), maker of consumer goods, has announced plans to end on-ground operations in Nigeria and resort to importing products in the country’s market.
The Chief Financial Officer of the group, Andre Schulten, disclosed this during his presentation at the Morgan Stanley Global Consumer & Retail Conference.
Schouten, who decried the difficulty in doing business in Nigeria as a dollar-denominated organisation said, “The other reality that arises in some of these markets is that it gets increasingly difficult to operate and create U.S dollar value.
Responding to questions about the effect of the company’s planned restructuring in Nigeria and Argentina on its overall group’s portfolio, the CFO explained that Nigeria is a $50 million net sales business.
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