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Companies that exited Nigeria amid economic challenges



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In 2023, the business landscape in Nigeria faced unprecedented challenges, largely due to the complexities of an election year. The uncertainties surrounding election results and policy directions prompted investors to tread cautiously, impacting substantial long-term investment decisions. The year began with artificial cash shortages and a failed currency note redesign, initially hindering consumer spending. Economic recovery in the second quarter was marred by the removal of fuel subsidies and the unification of the foreign exchange market, resulting in soaring inflation and significant depreciation of the naira. These macroeconomic obstacles, compounded by longstanding national issues, contributed to a notable exodus of companies from Nigeria in 2023. Below is an overview of significant departures:

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