Meet 10 CEOs behind major companies that have exited Nigeria since 2022

What the Exits Reveal and Where Investment Is Going Next

For anyone who follows business news, the last four years have produced a steady stream of headlines about companies leaving Nigeria. A soap maker closes a $300 million factory. A pharmaceutical giant hands its distribution to a third party. A ride-hailing pioneer announces a shutdown. Each story looks like a verdict on the country. Read together, though, they tell a more complicated story than most headlines suggest.

This guide takes a careful look at the major exits between 2022 and 2026: who left, when, and why. It separates exits driven by Nigeria’s economic pressures from those driven by decisions made in boardrooms thousands of kilometres away. It then examines the policy reforms that followed, the early signs of recovery, and the sectors where new money is arriving. The aim is a balanced, evidence-based picture that stays useful long after today’s headlines fade.

Timeline of Exits: Who Left Nigeria and When

The period from 2022 to 2026 spans two administrations. One exit came before President Bola Tinubu took office on May 29, 2023. Most of the others came after it, and several of those were the result of decisions taken while the economy was still absorbing the shock of major policy changes. Here is the chronology.

2022: Game Stores exits

In December 2022, South African retail group Massmart announced it would discontinue its Game Stores operations in Nigeria after roughly 17 years. The company had run about five stores in the country and had first looked for buyers across its African outlets. Massmart, which is owned by Walmart, cited mounting losses and operational challenges. This exit happened under the previous administration of President Muhammadu Buhari.

2021 to 2026: The Shoprite story

Shoprite is the most debated case, so it deserves care. In June 2021, Shoprite Holdings sold its Nigerian operator, Retail Supermarkets Nigeria Limited (RSNL), to a consortium led by Nigerian investor Tayo Amusan’s Persianas Group. Roughly 25 stores passed to Nigerian owners, who continued to trade under the Shoprite name through a franchise arrangement. Nairametrics reported that Shoprite had earlier closed its Kano store in January 2024 and its Abuja store in June 2024, citing a harsh business climate. In March 2026, several publications reported that the stores had closed. RSNL disputed this, telling Nairametrics on March 13, 2026 that the business was restructuring rather than shutting down.

2023: GSK and Procter & Gamble

In August 2023, GSK Nigeria said it would stop operating after the GSK group moved to a third-party distribution model for its medicines and vaccines, ending a presence of more than five decades. According to a Reuters report carried by BusinessDay, the unit’s half-year sales had fallen to N7.75 billion from N14.8 billion a year earlier, and its board saw no alternative to ceasing operations. A GSK spokesperson later told Prime Business Africa that the group has no manufacturing facility in Nigeria and was changing its business model rather than leaving the market outright.

In December 2023, Procter & Gamble said it would turn Nigeria into an import-only market. Its chief financial officer, Andre Schulten, said it was hard to create dollar value in markets like Nigeria and Argentina, and that Nigeria contributed about $50 million in net sales, as reported by Prime Business Africa. The decision affected P&G’s roughly $300 million plant in Agbara, Ogun State, commissioned in 2017. The Manufacturers Association of Nigeria said at the time that the exit was unsurprising and that more manufacturers could follow, according to Nairametrics.

2024: Binance, Kimberly-Clark, Equinor and Pick n Pay

The year 2024 was the busiest. In March, cryptocurrency exchange Binance stopped naira services, removing naira trading pairs, halting naira deposits and withdrawals, and converting remaining balances to USDT. That move came after Nigerian authorities detained two Binance executives and amid regulatory scrutiny of crypto platforms, according to Bloomberg. Kimberly-Clark, maker of Huggies and Kotex, announced the closure of its Lagos factory and commercial office after nearly 15 years, following an investment of about $100 million in manufacturing. In October 2024, Pick n Pay’s chief executive said the company would sell its 51% stake in a joint venture with A.G. Leventis, ending a Nigerian venture that had opened its first store in 2021 and ran two outlets, per Reuters as reported by BusinessDay. Energy company Equinor, which announced in November 2023 that it would sell its Nigerian business to Chappal Energies, completed the deal in December 2024 (Bloomberg reported the completion in this report) at a value of up to $1.2 billion, including an initial $710 million payment and contingent amounts.

2026: Uber and Moove

Uber wound down its Nigerian operations effective September 2, 2026, ending about 12 years in a market it entered in 2014, Nairametrics reported. The company said the decision followed a thorough review of its business, was limited to Nigeria and Uganda, and was unrelated to a recent airport e-hailing directive from the Federal Airports Authority of Nigeria, per Citizen Digital. AFP noted that the announcement came the same day Uber said it would cut about 10% of its global workforce, according to Standard Media.

On October 8, 2026, fleet-financing company Moove, founded in Lagos in 2020 by Ladi Delano and Jide Odunsi, announced it was ending Nigerian operations. It said vehicles worth about N35 billion would pass to eligible customers with no further payment for the vehicles themselves, effective October 1, 2026, and that more than 9,000 customers had generated roughly N57 billion in revenue through Moove-financed vehicles, according to Nairametrics.

Summary table

Company	Sector	Year announced	Type of exit
Game Stores (Massmart)	Retail	Dec 2022	Full closure
GSK	Pharmaceuticals	Aug 2023	Move to third-party distribution
Procter & Gamble	Consumer goods	Dec 2023	End of local manufacturing, shift to imports
Binance	Crypto	Mar 2024	Naira services discontinued
Kimberly-Clark	Consumer goods	2024	Factory and office closure
Pick n Pay	Retail	Oct 2024	Sale of stake in joint venture
Equinor	Oil and gas	Nov 2023 (completed Dec 2024)	Asset sale to Chappal Energies
Shoprite (RSNL)	Retail	Reports in Mar 2026	Disputed; company says restructuring
Uber	Ride-hailing	Sep 2026	Shutdown
Moove	Mobility fintech	Oct 2026	Exit and vehicle transfer

What Drove the Exits

No single explanation fits every company. Some exits were driven mainly by Nigeria’s economic conditions. Others were driven by corporate strategy, regulation, or problems at the parent company. Separating the two matters, because lumping them together produces a misleading picture.

Foreign exchange scarcity and naira volatility

The most common pressure was access to hard currency. Many multinationals import raw materials, equipment and finished goods, and they need dollars to pay for them. They also need dollars to send profits home. When foreign exchange was scarce and the official and parallel market rates diverged widely, companies faced two problems at once: they could not reliably buy inputs, and the naira value of their earnings shrank when converted into their reporting currency. P&G’s finance chief cited the difficulty of creating dollar value in Nigeria, and GSK’s half-year report pointed to foreign exchange availability as a factor in falling revenue, as African Markets summarised.

Inflation and rising operating costs

Diesel, transport, packaging, wages and rent all became more expensive. Manufacturers with factories had the heaviest exposure, because they carry fixed costs and depend on imported components. Retailers faced rising rents and unpredictable supply chains. When costs climb faster than customers’ ability to pay, margins disappear, and a business that was profitable on paper in dollar terms can become a loss-maker in practice. At the height of the pressure in late 2024, BusinessDay reported inflation at a 28-year high of 34.19% and a naira that had fallen from about N462 to over N1,500 per dollar in a year.

Consumer purchasing power

Higher prices squeezed households. Shoppers traded down to cheaper brands, bought smaller packs, or bought less. For premium consumer brands and for big-box retail, that shift reduced volumes and made expansion plans harder to justify.

Decisions made at headquarters

Honest analysis also has to acknowledge that some exits were not mainly about Nigeria. Pick n Pay’s chief executive framed its exit as part of a restructuring that let the company focus on its core markets, and the retailer was also dealing with losses at home in South Africa. Equinor said its sale of Nigerian upstream assets was about focusing its international portfolio, per its December 2024 announcement. The buyer, Chappal Energies, is described as Nigerian-owned by TheCable (Bloomberg describes it as Mauritius-registered), so the assets stayed in African hands. Massmart’s wider retreat from Game Stores in West and East Africa followed losses across several markets.

Regulation and business model

Binance’s departure from naira services followed a regulatory confrontation rather than a currency squeeze. Uber and Moove are harder to classify. Uber named no specific cause, though Sky News noted that competition, fuel costs, a volatile currency and inflation had pressured ride-hailing platforms. Moove’s announcement also gave no reason. Techloy noted that Uber had been the main platform behind Moove’s local financing model, while Tech-ish cautioned that the timing does not prove Uber’s exit was the sole cause. These two are best read as platform and business-model decisions, not clean proof of one macroeconomic cause.

Lessons for Investors and Business Owners

The exits carry practical lessons for anyone thinking about entering or staying in the Nigerian market.

1. Currency risk is the central risk. Companies with naira revenue and dollar costs were hit hardest. Those that sourced inputs locally, or earned in foreign currency, were more resilient.

2. Asset-heavy models are more exposed. Large factories lock in capital and fixed costs. Some firms responded by shifting to import or distribution models rather than leaving completely, which keeps a presence while cutting risk.

3. Local partnerships help. Several retail and energy deals involved Nigerian buyers or partners taking over, which suggests local capital often has a better read on local conditions and costs.

4. An exit is not always final. Companies that scale back can return when conditions improve. Distribution arrangements, franchises and asset sales often leave the door open.

5. Read the cause, not just the headline. An exit driven by a parent company’s restructuring says little about the Nigerian market. An exit driven by currency access says a lot. Careful readers separate the two.

Reforms and Early Recovery Signals

President Bola Tinubu took office on May 29, 2023, and his administration quickly introduced two major changes. Understanding them is essential to understanding both the pain and the recovery that followed.

Fuel subsidy removal

In his inaugural address, the president announced that the long-running petrol subsidy was ending. The government argued that the subsidy was costing the treasury large sums and crowding out spending on infrastructure, health and education. The immediate effect was a sharp rise in fuel and transport costs, which fed into food and general prices.

Foreign exchange unification

In June 2023, the Central Bank of Nigeria moved to unify the multiple exchange rate windows, allowing the naira to trade closer to market levels. The stated goal was to remove the gap between the official and parallel rates, restore investor confidence and improve dollar liquidity. In the short term, the naira weakened significantly, which raised the naira cost of imports and hurt companies with dollar-denominated obligations. This is the context for many of the 2023 and 2024 exit announcements.

Why reforms hurt first

Many economists argue that reforms of this kind carry short-term costs. Prices adjust upward before supply responds, and businesses that built their models on the old exchange rate bear the transition cost. The government’s position is that the adjustment was necessary to create a more transparent, sustainable system. Critics point to the hardship borne by households and firms during the transition. Opposition party ADC, for example, has described the wave of exits as evidence that policies are turning Nigeria into a “graveyard of businesses”, as reported by Connecting Africa. Both views are part of an honest account.

Early signs of stabilisation

Several indicators suggest conditions have been improving. Figures below come from the named reports; confirm them against the National Bureau of Statistics and the Central Bank of Nigeria before relying on them.

Inflation: The NBS reported headline inflation of 14.63% for September 2026, down from 15.39% in August, per Business Post. Trading Economics described it as the lowest reading since October 2020, in its report. Food inflation was still 19.59%, so household pressure persists.
Interest rates: The Central Bank of Nigeria reportedly cut its policy rate by 350 basis points to 23% in September 2026, according to Sika Finance (in French).
Tax reform: Nigeria passed new tax legislation in 2025, intended to simplify the system and improve predictability for businesses.
Exchange rate and liquidity: The gap between official and parallel exchange rates narrowed compared with 2023, and foreign exchange availability improved.
Economic data updates: The statistics bureau rebased its GDP and inflation measures in 2025, which changed how the economy is measured and presented, so older and newer figures are not always comparable.
Capital markets: Brokers have been publishing buy lists for Nigerian stocks, as in our roundup Eight stocks lead brokers’ October consensus Buy list.
Energy sector: The Dangote Refinery in Lagos was reported to have reached its full 650,000 barrels per day capacity, per TheCable, which reduces some dependence on imported fuel.

None of these indicators means the work is done. They are early signals rather than a finished recovery, and the sections below discuss the risks that remain.

Sectors Attracting New Investment

Capital rarely leaves a market entirely; it moves. Even as some multinationals scaled back, other investors have been looking at sectors where Nigeria’s size and demographics create opportunity. The sectors below are commonly cited by analysts. Check current announcements and named sources before citing specific deals.

Oil, gas and energy

The Equinor sale shows how assets change hands rather than disappear. Chappal Energies took over Equinor’s stake in OML 128 and the Agbami field. Other international oil companies have also reshaped their Nigerian holdings, with Nigerian-backed buyers taking larger roles in onshore and shallow-water assets. In the Equinor deal, Chappal took 53.85% of OML 128, which includes a 20.21% stake in the Chevron-operated Agbami field, according to The Energy Year. Deep-water projects and gas developments have drawn further investment decisions.

Agriculture and food processing

With a population above 200 million, Nigeria has one of Africa’s largest food markets. Investors are looking at processing, storage and logistics, where local sourcing lowers currency risk.

Technology and fintech

Despite exits by some platforms, Nigeria remains one of Africa’s leading technology markets. Payments, digital banking and software services continue to attract venture and corporate interest, though funding has become more selective globally.

Manufacturing and import substitution

Currency pressure that hurt importers also strengthened the case for local production of goods that can be made with local inputs. Cement, packaging, fertiliser and food manufacturing are often mentioned. Companies that source locally are better insulated from exchange rate swings. One local example from our own coverage: MeCure Industries, a Lagos-based maker of medicines and multivitamins, is raising up to N14 billion in commercial paper while reporting H1 2026 revenue growth of 20.4% to N44.85 billion and heavy spending on new facilities.

Infrastructure and real estate

Roads, ports, power and housing projects remain priorities, and recent coverage on NewsPage includes the federal government’s order to reconstruct the Benin-Asaba road and an update that the Lagos-Calabar Coastal Highway is progressing as planned.

Risks That Remain

A balanced article must also say what could go wrong. Several challenges persist.

Inflation and household pressure: Even if the rate of price increases has slowed, price levels remain far above where they were, and many households are still struggling.
Currency stability: Recovery depends on sustained dollar inflows. A drop in oil prices or a pullback by foreign investors could renew pressure on the naira.
Infrastructure gaps: Power supply, transport costs and security continue to raise the cost of doing business.
Policy consistency: Investors say predictability matters as much as the policies themselves. Sudden rule changes, multiple taxes and unclear regulation have deterred some capital.
Recent exits: The 2026 departures of Uber and Moove, and the disputed Shoprite reports, show that pressure on specific business models continues even as the broader outlook improves.
Fuel pricing: Dangote Refinery has reportedly moved to dollar-based pricing for petrol, diesel and aviation fuel, which ties domestic prices to the exchange rate, according to Leadership. [VERIFY date and current pricing]

Frequently Asked Questions

Which major companies have left Nigeria since 2022?

Notable names include Game Stores (Massmart), GSK, Procter & Gamble’s local manufacturing, Kimberly-Clark’s Lagos factory, Binance’s naira services, Pick n Pay, Equinor’s upstream assets, and, according to recent reports, Uber and Moove. Shoprite’s status has been disputed.

Why did multinational companies leave Nigeria?

The most cited reasons were scarcity of foreign exchange, naira volatility, inflation, higher operating costs and weaker consumer spending. Some exits were also driven by global restructuring, regulatory issues or company-specific losses rather than conditions in Nigeria alone.

Did the exits all happen under one government?

No. Game Stores announced its exit in December 2022, under the Buhari administration. Most other exits were announced after May 29, 2023, during the Tinubu administration, a period that began with major policy changes.

Are new companies investing in Nigeria now?

Some are. Investment has continued in energy, agriculture, technology and infrastructure, often through Nigerian-backed buyers and local partnerships.

Is Nigeria still a good place to invest?

That depends on the sector, business model and risk tolerance. Nigeria offers a very large consumer market but carries currency, infrastructure and policy risks. Anyone considering investment should seek professional advice and review current data.

Conclusion

The wave of companies leaving Nigeria between 2022 and 2026 is real, but the story behind it is not simple. Some exits reflected genuine economic strain: scarce dollars, a volatile naira and rising costs. Others reflected strategy decisions made elsewhere. The reforms of 2023 caused real short-term pain for businesses and households, and the government argues they were needed to build a more stable foundation. Early indicators of stabilisation are encouraging, but they are not a guarantee.

For investors, the lesson is to read the cause behind each exit, manage currency risk, favour local sourcing and partnerships, and track official data. For ordinary readers, the lesson is that headlines rarely tell the whole story. We will keep updating this guide as new information becomes available. For more, browse our Business & Finance and FinTech coverage.

Sources (check each before publishing)

Editorial disclaimer: This article is for general information only and is not financial, legal or investment advice. Facts were checked at the time of writing but may change. Please verify current details with official sources.