Manufacturers Association of Nigeria Warns of More Closures as P&G Plans Exit

The impending departure of Procter & Gamble (P&G) from Nigeria has raised concerns, with the Manufacturers Association of Nigeria (MAN) warning of potential further closures if the government does not address the challenges faced by businesses in the country.

Segun Ajayi-Kadir, the Director General of MAN, expressed his dismay at the news and emphasized that it reflects the difficult operating environment for manufacturers in Nigeria. He stressed that the government needs to actively promote industrialization by addressing the constraints hindering the sector’s performance.

Ajayi-Kadir underscored that P&G’s exit is part of a larger trend of manufacturers leaving the country due to issues such as inadequate infrastructure, inconsistent policies, and limited access to finance. He lamented that while the departure of well-established companies like P&G and GlaxoSmithKline garners attention, many others have silently closed down for similar reasons.

In light of these developments, Ajayi-Kadir urged the government to take decisive action to prevent further exits and ensure the long-term success of the manufacturing sector. He emphasized the importance of empowering local manufacturers to create a sustainable industrial sector, emphasizing that foreign direct investment should come secondary to strengthening existing local investors.

The potential departure of P&G represents a significant blow to the Nigerian economy, with nearly 5,000 jobs at risk. MAN’s warning serves as a call to action for the government to prioritize the needs of local manufacturers and foster an environment conducive to sustainable industrial growth.