Big Companies That Have Shortdown In Nigeria Due To Bad Economy

Here Are 16 Big Companies That Have Shutdown In Nigeria Due To Bad Economy

Is shocking how the Nigeria economy is worsening daily leading to increased hardship for innocent Nigerians, with over 16 Big Companies that have shut down their operation in Nigeria due to a bad economy

These companies have shut their operations in Nigeria with no hope in return, leading to more massive jobs lost to Nigeria masses, so pathetic but such is life in this part of the world

With a closer look at the realities, there are more big companies that have shut down but did not make it on our list, while hundreds to thousands of businesses are today crumbling amid Nigeria’s economic crisis

That you may ask? how is the failing economy affecting even the Big of the biggest companies in Nigeria, if these companies are shutting down, what then is the faith of the middle and small enterprises (Businesses)

It’s a sad experience with hundred to thousand of a job lost, adding to the millions of unemployed Nigerians, the worsening economy is something the present Nigeria government led by President Bola Tinubu have to do something, as quickly as possible

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So Back To Our Topic: See The List Below [The 16 Big Companies That Have Shutdown In Nigeria Due To Bad Economy]

1. Louis Carter Industries: Louis Carter Industries happens to be number one in our listing, sad to say that in 2017, Louis Carter Industries shut down its operations in Nigeria

Thereby forcing its over 40+ direct staff members and hundreds of nondirect workers to rejoin an already crowded labor market with no hope of return

It has been over 5 years and some of the workers who lost their jobs are still to date jobless

Having battled with ballooning production costs, FX crunch, policy flip-flops, and high energy costs, zero electricity Louis Carter Industries, established in 1989, began wobbling till it got overwhelmed and had no choice but to shut down and move out from Nigeria

During its active operation in Nigeria, the company’s head office was located in Nnewi, Anambra, and produced plastic gallons, basins, and other plastic products. But today no more in Nigeria

2. Moak Enterprises: This is the second listing here and it will interest you to know that, Moak Enterprises was once one of the biggest bottled/sachet water companies in Sango-Ota, Ogun State, Nigeria

Fast forward to today “Moak Enterprises” has shut down its operation in Nigeria, and they are no longer operating in Nigeria

Only now is a surviving memorial of something past as it closed down in 2021. Its products, ‘Meridian Waters,’ were consumed by the young and the old across Nigeria.

As an ultramodern company, Moak produced several trucks of sachet water and bottled water each month and supplied it to wholesalers and retailers in and outside Ogun State.

Moak was also one of the companies affected by the forex crisis as it shut down due to the increased cost of its raw materials even as the Nigeria naira currency kept falling. It’s sad

3. GlaxoSmithKline Nigeria: As continued manufacturing became unsustainable in this part of the world called Nigeria.

Glaxo Smith Kline (GSK) decided to shut down its drug production plant at Agbara, Ogun State Western Part of Nigeria in 2021. The company has gone into contract manufacturing arrangements with Fidson Healthcare, another local manufacturer, but today are no longer in operation

4. Multi-Trex Integrated Foods Plc: This is yet another company that has shut down in Nigeria leading to tens/hundreds of direct workers’ jobs lost

Back in its operating days, this company performed optimally until funding problems started, no thanks to Nigeria’s bad economy.

The company was forced to borrow from the defunct Skye Bank to stay afloat, but that decision turned out to become its Achilles heel.

This led the Asset Management Corporation Organisation of Nigeria to come in and eventually take over the company’s business, yet unable to handle it, a few months later the company’s productivity fell drastically and they shut down

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5. Procter & Gamble (P&G): On our list “P&G” is the 5th company in Nigeria to have shut down due to a bad economic crisis

P&G was celebrated by the Nigerian government, being the United States’ biggest non-oil investment in the country back then

It was a painful exit as there was a lot of fanfare around its establishment. It quit operation in Nigeria in the year 2018 just after four years of existence

The International Centre for Investigative Reporting found from those familiar with P&G’s operations that the company stopped production in Agbara, Ogun State western part of Nigeria, due to rising production costs caused by high import duties and energy costs.

The company was importing most of its raw materials but was hard hit by high tariffs set by the Nigerian government and the FX crunch, which affected its capacity to import raw materials.

6. Tower Aluminium: The Tower Aluminium was set up in Nigeria in the far back year 1959 and served several homes in Nigeria, beyond Nigeria

Their operation went across West African countries with aluminum products including pots, plates, spoons, and roofing sheets. But sadly came to an end in 2020, It shut down operations with no hope of a return

7. Mayor Biscuits Company Limited: One of the then Biscuits producing companies “Mayor Biscuits Company Limited” (MABISCO), also shut down its operation

The indigenous biscuits company in Ogun State, Western Nigeria, has stated that they have shut down the company and will be selling the multi-million-dollar biscuits plant.

In their press release: “We want to sell MABISCO because we want to concentrate on our area of core competence of business,’ the company said in a statement, adding that ‘to achieve that we have to divest appropriately’ and that was how they ended

8: Surest Foam Limited: Surerest Foam Industries and Chemicals Limited is one of the indigenous polyurethane foam manufacturing companies with a head office and plant located in New Ibadan. Sadly they were unable to continue product in Nigeria due to the economic crisis and were forced to shut down

9. Evans Medicals: Evans Medicals was once one of the largest pharmaceutical companies in Nigeria but lost its assets due to debt.

It had procured machines and upgraded its production facilities to ensure it achieved the World Health Organisation’s prequalification standard that would enable it to compete in international contract rounds.

The company was excited about the move, then it was bullish about its prospects and projections. Then fast forward to the year 2017, however, a court ordered that the drug maker’s assets be taken over by First Bank and the defunct Skye Bank due to huge debt. That was how they ended Evans Medical with no hope of a return

10. Technoflex Company Limited: Technoflex was a player in the industrial plastic and foam sub-sector as far as the Nigeria region is concerned.

Technoflex did quite well during its operational days, sad the company was shut down in 2017 due to rising production costs attributed to the Nigeria economic crisis

Other companies that have also shut down are as follows

11. Minclude:
12: Mufex,
13: Framan Industries,
14: Deli Foods,
15: Stone Industries,
16: MZM Continental, and a host of others, not listed on this post

Yes other companies have shut down in the last few years/months but not listed here, not just companies, there are hundreds to thousands of businesses that have shut down in Nigeria due to a bad economy

The Nigeria economic crisis is beating on business/companies in Nigeria, and every business owner need to sit up, then increase their production, good customer’s service and more importantly, increase their area of business marketing

Make sure you are focused on getting more customers daily as well as maintaining your existing customers Is a hard time in Nigeria due to the economic crisis, but you will succeed, Checkout the Nairalarn course section here and get the over 172 countries leads here