The recent announcement by Procter and Gamble regarding plans to cease operations in Nigeria echoes a Déjà vu moment for consumers, raising fears of significant job losses and escalating prices of essential items such as diapers, sanitary pads, and other household goods.
Following the earlier exit of GSK, Nigeria witnessed a staggering 1000% increase in the cost of drug items, amplifying concerns about the potential consequences of another major consumer manufacturing company leaving due to macroeconomic challenges.
Nigerian reactions on social media (X)reflect a deep sense of apprehension and economic jitters. @StephAdamu expressed concern about the impending rise in consumer goods prices, drawing parallels with GSK’s departure.
@SportsDokita underscored the potential rise in job insecurity and the discouraging effect on foreign investors, stating.
@Mavisikpeme corroborating previous thoughts on the new development said “P&G living Nigeria means 5,000 Nigerians have lost their jobs . This was a company producing the likes of Ariel detergent , oral B toothpaste , always pad , pampers to mention but a few . Renewed shege promax !!”
Emphasising on the economic impact the FMCG company would have on the job market as a whole @ChijiokeIke gave a breakdown of the company’s employment history.
“P&G entered the Nigeria Space in 1992 employing only 40 people in their Lagos Office Fastfoward 10 years they had employed a total of 1800 people from the Nigerian Labour Market In 2015, the APC government of Buhari took over from PDP promising Change.
As of 2018, P&G laid off over its first batch of 120 staff shutting down their biggest plant in Ogun state. As at the time this plant was the single biggest American owned Non-Oil Investment in Nigeria Fast forward to 2021, they conducted another round of redundancies in Ibadan.
Now in 2023, they have finally thrown in the towel due to the Obscenely High cost of Operations and Corrupt Practices slowing down their supply Chain Over 1500 people will lose their Jobs.
That’s 1500 families not sure of their next source of income. That’s 7500 people not sure about how they will feed next year Let’s not even mention the Local Economies that will be effected”
In light of the impending closure, @KBT_BANKOLE urged people to stock up on essential items, “With the closure of operations of Procter & Gamble in Nigeria, the prices of FMCGs like sanitary pads, baby diapers, detergents, toothpastes, etc are about to skyrocket. Do you guys realize how serious this is? Please stock up on these items in bulk NOW if you can. Renewed Shege”
@hispri0rity, echoing the sentiments, anticipated a triple increase in prices for various products. “Procter & Gamble is leaving Nigeria, Vicks lemon plus, Vicks blue, pringles, Pampers, Ariel, Always, Oral B, Gillette Safeguard, etc will triple in prices.”
https://x.com/hispri0rity/status/1732422101896974691?s=20
