{"id":190818,"date":"2024-06-19T12:17:20","date_gmt":"2024-06-19T12:17:20","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/06\/19\/asian-firms-step-up-as-multinationals-exit-nigeria\/"},"modified":"2024-06-19T12:17:20","modified_gmt":"2024-06-19T12:17:20","slug":"asian-firms-step-up-as-multinationals-exit-nigeria","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/06\/19\/asian-firms-step-up-as-multinationals-exit-nigeria\/","title":{"rendered":"Asian firms step up as multinationals exit Nigeria \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p id=\"article-123\">Surging inflation, a volatile and depreciating currency, rampant insecurity and electricity shortages are driving US and European multinationals out of Nigeria.<\/p>\n<p>But where they see adversity, Asian firms and local companies see opportunity.<\/p>\n<p>Singapore\u2019s Tolaram last week took control of Guinness Nigeria from the UK\u2019s Diageo, while Turkey\u2019s Hayat Kimya and Nigeria\u2019s Fouani Group have stepped into the gap left in the diaper market by Procter &amp; Gamble\u2019s exit. Lagos-based Fidson Healthcare is picking up the slack created by GSK\u2019s departure by expanding its range and exporting its products.<\/p>\n<p>They face many of the same obstacles that hindered the multinationals\u2019 operations, but are managing to succeed \u2014 in part because they have higher risk tolerance and have adopted different strategies.<\/p>\n<p>Tolaram is a case in point. It has sought to localize its costs over the past few decades, milling flour, refining palm oil and exploring the option of growing its own crops within the country.<\/p>\n<p>That\u2019s given it less exposure to the naira\u2019s swings and shielded it from foreign-exchange shortages. It has also been well positioned to expand when competitors have left.<\/p>\n<p>Should Nigeria\u2019s economy turn, the companies that have stayed will reap the rewards.<\/p>\n<p>\u201cWe believe in the power of 230 million people,\u201d said Girish Sharma, an executive director at Tolaram. The \u201cNigerian situation will correct and when that happens, we will be the biggest beneficiaries.\u2019\u2019<\/p>\n<p><strong>Source:\u00a0<\/strong>bloomberg.com<\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Surging inflation, a volatile and depreciating currency, rampant insecurity and electricity shortages are driving US and European multinationals out of Nigeria. But where they see adversity, Asian firms and local companies see opportunity. Singapore\u2019s Tolaram last week took control of Guinness Nigeria from the UK\u2019s Diageo, while Turkey\u2019s Hayat Kimya and Nigeria\u2019s Fouani Group have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":190819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-190818","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Asian firms step up as multinationals exit Nigeria \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/06\/19\/asian-firms-step-up-as-multinationals-exit-nigeria\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asian firms step up as multinationals exit Nigeria \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Surging inflation, a volatile and depreciating currency, rampant insecurity and electricity shortages are driving US and European multinationals out of Nigeria. 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