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Manufacturing giant, P&G, dumps Nigeria as forex crisis takes toll on production

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Manufacturing giant, P&G, dumps Nigeria as forex crisis takes toll on production
• Procter & Gamble Nigeria. Photo: Nairametrics
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A global leader in consumer goods, Procter & Gamble Nigeria is the latest casualty of Nigeria’s harsh operating environment, as the company, yesterday, announced that it was transitioning local operations to an import-only model, effectively dissolving its on-ground presence in the country.

This decision, it said, stems from the increasingly challenging business environment, particularly dollar-denominated operations, lower spending power and the general high cost of doing business.

The move means that thousands of jobs and millions of dollars in investment of the company have been lost.

In 2018, the firm, which employed about 5000 workers, sacked hundreds of staff in tranches. It shut its largest plant in Nigeria at Agbara Industrial Estate, Ogun State, just about a year after it was commissioned.

The latest revelation comes five years after the company denied exiting Nigeria when it laid off hundreds of workers and scaled down operations in the country. The company had denied it was troubled, claiming it was restructuring and had no plans to exit.

P&G, which operates in some 180 countries of the world, produces a range of products for the Nigerian market, including sanitary pads, diapers, detergents, toothpastes and shaving sticks.

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It also firmly denied it was leaving the country then, saying it was not struggling with competition. The $300 million plant, which was turned into a warehouse for imported products and has since been sold, was the single biggest non-oil investment of the United States in Nigeria.

P&G’s Chief Financial Officer, Andre Schulten, during a presentation at the Morgan Stanley Global Consumer and Retail Conference, noted that operating in Nigeria has become increasingly difficult.

As a result, he said, the company was implementing a restructuring program to optimise its operating model and portfolio, focusing on markets with greater potential.

“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, 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 the operating model and adjust the portfolio to ensure that we maintain the portfolio discipline that has brought us to this point. We will turn Nigeria into an import-only market, effectively dissolving our footprint on the ground,” he said.

He said the decision would help them focus on markets that have the highest potential. Revealing that Nigeria is a $50 million net sales business, compared to its overall portfolio worth $85 billion, he said they do not anticipate any material impact on their balance sheet from a sales or profitability standpoint.

This is coming just months after big multinationals including, GSK, Unilever, Sanofi, Guinness Nigeria and Evans Medical notified stakeholders of pulling back or stopping operations in Nigeria listing FX issues and harsh operating environment. Since GSK and Evans pulled out, the cost of their drugs has skyrocketed well beyond the reach of Nigerians.

Earlier this year, the umbrella body for local manufacturers, the Manufacturers Association of Nigeria (MAN), revealed that over a hundred companies have ceased operations in the country, listing lingering foreign exchange scarcity, poor power supply, port congestion, multiple taxation, insecurity, worsening purchasing power, high operating costs, harsh business environment and poor infrastructure, among other issues as reasons for the rapid depletion.

MAN President, Otunba Francis Meshioye, warned that if these issues are not addressed soon, more companies would follow suit, worsening the unemployment situation in the country. Despite promises from President Tinubu to improve the ease of doing business and revamp the sector, this has not reflected on manufacturers as many players are pivoting or completely shutting down operations, sticking to import or handing over distributions to a third party. (The Guardian)

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Dollar to Naira exchange rate today, September 23, 2026

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Naira rebounds to 1,275/$ at parallel market
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The Nigerian naira is trading at different rates against the United States dollar across the official Nigerian Foreign Exchange Market (NFEM) and the parallel market on Wednesday, September 23, 2026.

The latest available data show that the naira strengthened to N1,327.78 per dollar at the NFEM on Tuesday, from N1,329.80 recorded on Monday.

The latest movement represents a N2.02 appreciation by the naira against the dollar on a day-to-day basis.

In the parallel market, the dollar was quoted at about N1,389 on Tuesday, down from N1,390 recorded the previous day.

The parallel-market rate puts the gap between the official NFEM rate and the street-market selling rate at about N61.22 per dollar.

At the parallel market rate of N1,389, customers buying $100 would need approximately N138,900, while $1,000 would cost about N1.389 million.

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The exchange rate available to individuals and businesses may vary depending on the dealer, location, transaction size and prevailing market conditions.

The naira’s recent performance has come amid developments in Nigeria’s foreign exchange market, including changes in dollar liquidity and monetary policy.

The Central Bank of Nigeria has continued to monitor conditions in the foreign exchange market as the naira trades around the N1,300-per-dollar level at the official market. Reuters also reported in September that the naira had remained relatively stable, supported by central bank dollar sales and subdued import demand.

For Wednesday, September 23, the latest confirmed figures put the dollar at N1,327.78 at the NFEM and around N1,389 in the parallel market.

The rates could change during the day as demand and supply conditions shift across both markets.

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Enugu Air Launches New Website

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…moves online services to www.enuguairlines.ng

Enugu Air has announced the launch of its new official website, enuguairlines.ng, as part of efforts to provide passengers and customers with a better, safer and more convenient digital experience.

The airline said the migration to the new website is designed to improve how passengers connect with Enugu Air and access its services online, including flight bookings, schedules and the latest updates.

Announcing the development, the airline said: “We’ve moved! We’re innovating! We’ve migrated to a better, safer and convenient website to connect you to the world.”

Passengers can now access Enugu Air’s online services through its new web address, enuguairlines.ng, which the airline described as its new digital home.

The airline urged passengers and prospective travellers to save the new web address and use it for flight bookings, checking schedules and obtaining the latest information about its operations.

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“Same Enugu Air. New web address,” the airline stated, emphasising that the change represents an improvement in its digital platform while retaining the Enugu Air brand and services.

The airline further encouraged customers to visit, www.enuguairlines.ng for all flight-related information and online services.

It further stated that the old website, enuguairlines•com has been discarded and no longer in use.

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Nigeria records 8.51m terabytes of data use in first half of 2026

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Nigerian Communications Commission
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Nigerians consumed a record 8.51 million terabytes of data in the first half of 2026, underscoring the country’s accelerating shift toward a digital-first economy.

Data from the Nigerian Communications Commission (NCC) confirmed this. Specifically, in January, consumption was 1.385 million terabytes; February, 1.260 million terabytes and March, 1.422 million terabytes.

In April, consumption was 1.414 million terabytes. It climbed to 1.504 million terabytes in May and 1.532 million terabytes in June.

In 2025 alone, Nigerians consumed over 13.2 million terabytes of data, a 35 per cent increase from 2024, reflecting how connectivity has become essential for daily life.

The surge in consumption was driven largely by the twin giants of the telecom sector, MTN Nigeria and Airtel Nigeria, whose half-year reports revealed data services have firmly overtaken voice as the primary revenue stream.

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According to industry figures, average monthly data usage per subscriber rose sharply, reflecting the growing reliance on mobile broadband for work, entertainment, and commerce.

Streaming platforms, social media, fintech apps, and remote work tools have all contributed to the spike in demand.

MTN Nigeria reported that its 55.7 million active data subscribers consumed an average of 14.8 gigabytes per month, representing a 15.2 per cent increase year-on-year. Overall, MTN’s data traffic surged by 25.8 per cent across its network in the period.

This translated into a massive N1.70 trillion in data revenue, a 38.4 per cent jump compared to the same period in 2025. Data now accounts for more than half of MTN’s total service revenue, dwarfing its voice earnings of N993.5 billion, which grew at a modest 12 per cent.

Airtel Nigeria also posted strong numbers, recording N691 billion in data revenue ($507 million). While Airtel’s voice services contributed to a combined N1.42 trillion in voice earnings alongside MTN, the clear trend is that data has become the dominant driver of growth.

Together, MTN and Airtel generated N2.4 trillion from data services in H1 2026, cementing their role as the backbone of Nigeria’s digital economy.

MTN invested N620.5 billion in capital expenditure during the period, focusing on expanding 4G coverage, scaling 5G rollout, and strengthening fibre infrastructure. The company’s aggressive push into next-generation networks is aimed at meeting the surging demand for high-speed connectivity.

Airtel, meanwhile, faced challenges with fibre cuts and vandalism, forcing reinvestments to stabilize its network. The operator is blending 5G expansion with satellite partnerships to extend coverage into rural and semi-urban areas, where demand for reliable Internet is rising.

Despite these investments, many consumers continue to express dissatisfaction with service quality. Complaints of slow speeds, unstable connections, and high costs remain widespread, highlighting the gap between consumption growth and infrastructure capacity.

The NCC has repeatedly urged operators to deepen investments in fibre, towers, and spectrum to sustain the country’s digital transformation. Analysts note that the sector is undergoing a structural shift from voice-first to data-led growth, with internet connectivity now central to economic activity.

Industry experts predict that Nigeria’s data consumption will continue to rise exponentially as smartphone penetration increases and more services migrate online. The rollout of 5G is expected to further accelerate usage, enabling innovations in fintech, e-commerce, healthtech, and entertainment.

The consumption of 8.51 million terabytes in H1 2026 marks a historic high for Nigeria’s telecom industry. It reflects not only the appetite of a digitally hungry population but also the broader transformation of the economy.

With MTN and Airtel leading the charge, the challenge now lies in improving service quality, expanding infrastructure, and ensuring affordable access for millions of Nigerians. As data becomes the lifeblood of communication and commerce, the telecom sector’s ability to keep pace with demand will determine how effectively Nigeria harnesses the opportunities of the digital age.

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