Companies like Tolaram Group and Hayat Kimya AS, which source raw materials and manufacture locally, are less exposed to currency shocks and are filling the gaps left by the exiting multinationals.
On June 11, 2024, Diageo announced, that it had sold its 58.02% controlling stake in Guinness Nigeria PLC to Tolaram. This deal implies that Tolaram has entered into a long-term licence and royalty agreement for the continued production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brands. Hayat Kimya AS is also edging out P&G’s Pampers with its locally-made diapers, “Molfix.”
Since March 2023, ten multinational companies have announced their exit from Nigeria in various forms. Proctor & Gamble (P&G) discontinued its manufacturing operations to shift its focus to imports, and Unilever exited its home care and skin cleansing categories to concentrate on higher growth opportunities. Kimberly Clark also shut down manufacturing operations in
