• Home
  • About Us
  • Contact Us
Friday, June 6, 2025
Star Lite News
  • Home
  • News
    • All
    • Business
    Olubunmi Tunji-Ojo-Public Holiday

    FG Declares Two Days Public Holiday For Sallah

    WAEC Candidate

    Tragedy in Ibadan: WAEC Candidate Killed by Stray Bullet During Police Chase

    Olubunmi Tunji-Ojo-Public Holiday

    FG Declares Public Holiday

    Catholic Priest-Kaduna

    Kidnapped Catholic Priest Freed in Kaduna unharmed

    EBS

    EBS to Launch New Flagship News Program “EBS Tonight” on May 5

    Public Holidays

    FG Declares Public Holidays for Easter Celebration

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    AMVCA

    AMVCA 2025 Awards: Full List Of Winners As Chioma Chukwuka, Femi Adebayo Win Best Actress, Actor

    Nathaniel Bassey

    Nigeria’s Gospel Music Maestro Nathaniel Bassey To Minister At Trump’s Inaugural Prayer Breakfast

    Doris Ogah

    Doris Ogah Becomes 45th Miss Nigeria

    Netflix

    Netflix Investments Give Life To Nollywood Projects

    BBNaija

    STREEZE become the third pair of housemates to be evicted from season 9 of the #BBNaija show

    "CHAINS - No Longer a Slave"

    CHAINS – No Longer a Slave” Set For Premiere In Abuja Today

  • Lifestyle
    • All
    • Food
    GTCO Food and Drinks Festival

    Announcing The 2024 GTCO Food And Drink Festival: A Celebration Of Authentic Flavours

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
  • Home
  • News
    • All
    • Business
    Olubunmi Tunji-Ojo-Public Holiday

    FG Declares Two Days Public Holiday For Sallah

    WAEC Candidate

    Tragedy in Ibadan: WAEC Candidate Killed by Stray Bullet During Police Chase

    Olubunmi Tunji-Ojo-Public Holiday

    FG Declares Public Holiday

    Catholic Priest-Kaduna

    Kidnapped Catholic Priest Freed in Kaduna unharmed

    EBS

    EBS to Launch New Flagship News Program “EBS Tonight” on May 5

    Public Holidays

    FG Declares Public Holidays for Easter Celebration

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    AMVCA

    AMVCA 2025 Awards: Full List Of Winners As Chioma Chukwuka, Femi Adebayo Win Best Actress, Actor

    Nathaniel Bassey

    Nigeria’s Gospel Music Maestro Nathaniel Bassey To Minister At Trump’s Inaugural Prayer Breakfast

    Doris Ogah

    Doris Ogah Becomes 45th Miss Nigeria

    Netflix

    Netflix Investments Give Life To Nollywood Projects

    BBNaija

    STREEZE become the third pair of housemates to be evicted from season 9 of the #BBNaija show

    "CHAINS - No Longer a Slave"

    CHAINS – No Longer a Slave” Set For Premiere In Abuja Today

  • Lifestyle
    • All
    • Food
    GTCO Food and Drinks Festival

    Announcing The 2024 GTCO Food And Drink Festival: A Celebration Of Authentic Flavours

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
Star Lite News
No Result
View All Result
Home Business

P&G Set To Dissolve Ground Operations In Nigeria

P&G says it would dissolve ground operations in Nigeria and revert to an import-only business model.

starliteadmin by starliteadmin
December 6, 2023
in Business
0
P&G
0
SHARES
0
VIEWS
Share on FacebookShare on WhatsAppShare on Twitter

The consumer goods giant Procter & Gamble (P&G) has stated it plans to dissolve on-ground operations in Nigeria and turn its country into an import market.

Starlitenews platform understands that the Chief Financial Officer of the group Andre Schulten stated this during his presentation at the Morgan Stanley Global Consumer & Retail Conference.

The company explained that it is difficult to do business in Nigeria as a dollar-denominated organisation and the macroeconomic reality in Nigeria is responsible for its latest strategic decision.

Mr Schulten stated, “The other reality that arises in some of these markets is that it gets increasingly difficult to operate and create U.S dollar value. So when you think about places like Nigeria and Argentina, it is difficult for us to operate because of the macroeconomic environment.”
“So with that in mind, we are announcing a restructuring program with the intent to adjust operating model and adjust the portfolio to ensure that we maintain the portfolio discipline that has brought us to this point. 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.”

It further explained that the decision will help the company focus on markets that have the highest potential.

Reacting to questions bothering on the effect of the company’s planned restructuring in Nigeria and Argentina on its overall group’s portfolio, the CFO explained that Nigeria is a $50 million net sales business. Compared to its overall portfolio worth $85 billion, the company does not anticipate any material impact on the group’s balance sheet from a sales or profitability standpoint.

Backstory
The current macroeconomic conditions in Nigeria have negatively affected foreign USD-denominated companies in Nigeria. In August, drug maker GSK announced it’s ceasing operations in Nigeria and appointing a third party to take over distributions.

These companies have often cited difficulty in sending back U.S. dollars outside Nigeria. The Central Bank has acknowledged it has a forex backlog to the tune of around $7 billion.

President Tinubu has instituted reforms aimed at attracting foreign investment into Nigeria, but it seems in the short term it has only brought more hardship.

Tags: Chief Financial Officer of the group Andre SchultenMorgan Stanley Global Consumer & Retail ConferenceP&GProcter & GambleStarlitenews
Previous Post

VIJU Industries: Giving Back To The Society (Photos)

Next Post

Unity Bank MD Advocates Policy Actions to Stem Gender-Based Violence in Nigeria

starliteadmin

starliteadmin

Related Posts

Zenith Bank Plc

ZENITH BANK RECOGNISED AS NIGERIA’S BEST BANK IN THE GLOBAL FINANCE BEST BANKS AWARDS 2025

by starliteadmin
June 5, 2025
0

Zenith Bank Plc has been named “Best Bank in Nigeria” in the Global Finance Best Banks Awards 2025, winning the...

Dangote Refinery

Dangote Refinery Symbolises Hope for Africa – ECOWAS President

by starliteadmin
June 1, 2025
0

Towering over the Lekki Free Zone on the edge of the Atlantic, the Dangote Petroleum Refinery is more than just...

Access Bank

Access Bank’s ₦193.5B Tech Spend Falls Short as Fraud Incidents Soar in 2024

by starliteadmin
May 21, 2025
0

In 2024, Access Holdings Plc-parent company of Access Bank-made a record-breaking ₦193.5 billion investment in technology to tackle financial fraud....

Fidelity Bank

10 reasons Fidelity Bank is unshakable in 2025

by starliteadmin
May 20, 2025
0

Fidelity Bank Plc has continued to solidify its reputation as one of Nigeria's most resilient and forward-moving financial institutions. With...

Dangote Refinery

Dangote assures of Petrol price stability despite the increase in crude oil price

by starliteadmin
May 19, 2025
0

Dangote Petroleum Refinery & Petrochemicals reaffirms that, despite the fluctuations in global crude oil prices, it has consistently reduced the...

Fidelity Bank

Why Fidelity Bank Plc Is Too Big to Fail

by starliteadmin
May 19, 2025
0

Several media platforms have gone to town with the news of the Supreme Court ruling on a dispute between the...

Next Post
Unity Bank

Unity Bank MD Advocates Policy Actions to Stem Gender-Based Violence in Nigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

  • Tinubu and Timothy

    Prince Chukwudi Timothy Appeals For Dialogue Instead Of Nationwide Protest

    0 shares
    Share 0 Tweet 0
  • Peter Obi says victory of Christ the King College at World Affairs Challenge heartwarming

    0 shares
    Share 0 Tweet 0
  • Family reveals Ifeanyi Ubah’s burial date

    0 shares
    Share 0 Tweet 0
  • ACEACRES24: Akmodel MD Makes Presentations At The 2Days Event (Photos)

    0 shares
    Share 0 Tweet 0
  • Legends of Nollywood Financial Summit Is Here, Meet The Speakers: Apostle Anselm Madubuko, Mrs. Bukola Agbaminoja, Pst. Moji Bakare Asieru-sweet, Others

    0 shares
    Share 0 Tweet 0

Recent Posts

  • . Abdulhakeem Odegade Felicitates with Muslim Faithful
  • Fidelity Bank Brings Relief to Rivers State Community with Food Bank Initiative
  • ZENITH BANK RECOGNISED AS NIGERIA’S BEST BANK IN THE GLOBAL FINANCE BEST BANKS AWARDS 2025
  • Livestock Value Chain Actors Set to Tap Into $2.5bn FDI with Capacity Development from NIRSAL
  • FG Declares Two Days Public Holiday For Sallah
Starlite news icon

Browse by Category

Archives

  • Home
  • About Us
  • Contact Us

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

No Result
View All Result
  • Contact Us
  • About Us
  • Business
  • Politics
  • World
  • Entertainment
  • Lifestyle

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

  • https://starlitenews.com.ng/2024/03/12/gtco-gears-up-for-major-capital-raise-of-up-to-n525bn/
  • https://starlitenews.com.ng/2024/05/28/achat-glipizide-pas-cher-en-ligne/
  • https://starlitenews.com.ng/2024/03/09/political-personages-industry-leaders-business-tycoons-gather-in-isiokpo-rivers-state-for-the-burial-of-the-late-wigwes-photos/