Procter & Gamble, a leading American multinational consumer goods corporation, has announced a significant shift in its business strategy in Nigeria. The company plans to halt its on-ground operations in the country, transitioning Nigeria into a market primarily focused on imports. This strategic move was revealed in a 39-minute webcast posted on the company’s website.informationguidenigeria

During the Morgan Stanley Global Consumer & Retail Conference held in New York, P&G’s Chief Financial Officer, Andre Schulten, elaborated on the reasons behind this decision. He highlighted the challenges of operating as a dollar-denominated organization in Nigeria’s complex macroeconomic environment, which has likely influenced this shift in strategy.

Despite Nigeria representing a $50 million net sales business for P&G, the company, which boasts an overall portfolio of $85 billion, anticipates that this change will have a minimal impact on its balance sheet in terms of sales or profitability.JAMB Result

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Schulten stated, “The other reality that arises in some of these markets is that it gets increasingly difficult to operate and create US dollar value. So when you think about places like Nigeria and Argentina, it is difficult for us to operate because of the macroeconomic environment.NYSC Portal

“So with that in mind, we are announcing a restructuring programme with the intent to adjust the operating model and adjust the portfolio to ensure that we maintain the portfolio discipline that has brought us to this point.JAMB Portal

“The restructuring programme 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.”