Procter & Gamble (P&G), the American multinational consumer goods company, has revealed its decision to wind down its on-ground presence in Nigeria.
The Chief Financial Officer, Andre Schulten, shared this information during a presentation at the Morgan Stanley Global Consumer & Retail Conference in New York.
P&G is widely recognized for manufacturing popular household items in Nigeria, including Pampers, Always, Oral B, Ariel, Ambi-pur, SafeGuard, Olay, and Gillette.
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Schulten explained that P&G intends to transition from local production to importing its products into Nigeria due to the challenging business environment and difficulties in creating US dollar value in the country.
The decision is part of a broader restructuring program that will primarily focus on Nigeria and Argentina.
He mentioned, “The restructuring program will largely focus on Nigeria and Argentina. We’ve announced that we will turn Nigeria into an import-only market, effectively dissolving our footprint on the ground in Nigeria and reverting to an import-only model.”
The move reflects the company’s response to the macroeconomic challenges faced in some markets.
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