Business
15 Multinationals Exit Nigeria In Three Years – NECA
The Nigeria Employers’ Consultative Association (NECA), the umbrella body for employers, has disclosed that at least 15 multinationals have either divested or partially closed operations in the country in the last three years.
In an exclusive interview with The Tide’s source, the Director-General of NECA, Adewale Oyerinde, warned that the consequences of the massive job losses across sectors would continue to create insecurity challenges and increase the occurrence of child labour, among others.
“It is worrisome to note that in the last three years, over 15 organisations with a combined value-chain staff strength of over 20,000 employees have either divested or partially closed operations.
“This has dire consequences not only for organised businesses but also for labour, government revenue and the households”, he stated.
NECA expressed concerns about rising unemployment in the country due to global business divestment and local closures.
Oyerinde cautioned that “The consequences of these massive job losses across sectors will continue to create insecurity challenges, increase the occurrence of child labour (as children will be forced to become breadwinners), adversely affect the disposable income of families, erode the purchasing power of individuals and drastically reduce economy’s output”.
He noted that when NECA examined the exits of prominent companies like GSK, Sanofi, Procter & Gamble, Nampak, and others that had been doing business in Nigeria for decades and were huge employers of labour, it was worried about the ripple effect on the broader business ecosystem.
Unilever Nigeria announced its exit from the home care and skin cleansing markets in Nigeria in November, saying it did so “to find a more sustainable and profitable business model”.
Procter & Gamble was the last to announce its exit from the country last year.
“Within the value chain, numerous enterprises serve as suppliers to these major corporations, and their sustainability is significantly compromised when the primary businesses they cater to face extinction.
“The survival prospects of these secondary businesses are at stake, and their employees are also at risk, as the departure of the main clients could lead to their demise. The crisis within the value chain deserves more attention than it currently receives.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.