The Nigerian economy hit a rough patch with oil sector slump, the rising inflation, and currency doing the depreciation shuffle. It’s been a tough couple of years for businesses, and some Nigerian brands are waving goodbye, probably in search of greener pastures (or at least steadier currencies).
Here are some of the Nigerian brands that have left the market recently:
Unilever
This was one of the first brands to leave the Nigerian market. Unilever left the market earlier this year, bidding farewell to the home care and skin cleansing categories. No more OMO, Sunlight, or Lux on the retail shelves! They hit the brakes on home care products in June, and waved goodbye in September.
Tower Aluminium
Tower Aluminium, a player in the aluminum product scene, called it quits in 2022. Blaming the economic rollercoaster, soaring production costs, and a dip in demand, the company decided it was time to fold up shop.
Okadabooks
If you’re an avid reader and writer, then you have probably heard of Okadabooks. They left the Nigerian scene in November because they couldn’t financially sustain the company any longer. This was great loss.
Bolt Foods
Bolt Food left the market on December 7th citing the need to streamline resources and enhance efficiency. Despite being a renowned ride-sharing company offering meal delivery in 33 cities across 16 countries, challenging macroeconomic conditions in Nigeria led to increased delivery fees and tough times for logistics startups like Bolt.
No Comment! Be the first one.