Clover, a South African beverage line responsible for the production of Tropika fruit juice, says it is withdrawing future investments in the Nigerian market.
Clover becomes the second South African country in two weeks to toe this line.
In its fiscal year end profit/loss posting, the company said the financial crisis in Nigeria is to blame for its withdrawal from the Nigerian market.
“The weakened global economy and the impact of low economic growth forecasts and commodity prices has had a significant impact on the risks facing Clover in the rest of Africa,” the financial statement read.
“The current financial crisis experienced in Nigeria, which is fuelled by the low oil price, is a further cause of concern, thus the Group has decided to withdraw from future investments in Nigeria.”
The company said it would be looking to the rest of South eastern Africa for future investments.
“The Group will continue to expand its operations within the Botswana, Namibia, Lesotho and Swaziland region, and will continue to pursue export opportunities in Africa where the currency risks can be mitigated.
“The capital previously earmarked for Africa will no longer be spent. It is anticipated that planned selling price increases will absorb anticipated inflationary cost increases in the second half of the year, as not all selling price increases were realised in the first half.”
The current foreign exchange policy employed by the Nigerian government has often been identified to be triggering withdrawal of investments from the country.
Earlier in the year, South African retail line, Truworths pulled out of the Nigerian market, owing to the economic crisis in the nation.
International pundits say the comments of Michael Mark, CEO of Truworths, about the economy show a sign that President Muhammadu Buhari’s attempts to boost local industry are hurting foreign investment.
“We were unable to operate the stores properly any longer because we were unable to send merchandise to the stores because there’s regulation preventing that,” Mark had said.

https://www.thecable.ng/another-safrican-company-pulls-out-of-nigeria?_e_pi_=7%2CPAGE_ID10%2C3076956415

Welcome development. A classic example of good radiance to bad rubbish.

C'est bon! It will give room for made in Nigeria products to sell.

Hmm and people got sacked. E don dey red oooooo.

Thank god, the Nigerian owned companies will expand and someday open branch for SA.

We deserve the government we have in place now.

GEJ said Nigerians will miss him after he is gone. If that statement turns out to be true, then we are doomed as a people cos GEJ too failed.

When other countries start to ban our goods ,I hope those applauding this will come clean

even the Nigerian producers cannot thrive in such economy.

Welcome to change. Am sure that those that voted Buhari are enjoying this economic crises. Companies are folding up, investors are withdrawing from investing in the country. Many people are losing there jobs, people are dying. When GEJ was the president he brought a lot of investors into d country and tried his best to create jobs. No single company folded in his entire tenor. And the people of Nigeria said they needed change and APC deceived them and brought Buhari who has brought hardship into d country. The only thing his government does is to talk bad of the past government. No single thing that they have done right since they assume d office. Even after 1yr of winning election they are still campaigning.

NwabuezeWini:
Welcome to change. Am sure that those that voted Buhari are enjoying this economic crises. Companies are folding up, investors are withdrawing from investing in the country. Many people are losing there jobs, people are dying. When GEJ was the president he brought a lot of investors into d country and tried his best to create jobs. No single company folded in his entire tenor. And the people of Nigeria said they needed change and APC deceived them and brought Buhari who has brought hardship into d country. The only thing his government does is to talk bad of the past government. No single thing that they have done right since they assume d office. Even after 1yr of winning election they are still campaigning.

two things made me realise that buhari is better than Jona.
1. that buhari is not borrowing money to pay salaries like Jona did before he left.
2. The everyday revelations of how money was looted during Jona's time. I would have thought it was propaganda, given the enormous amount stolen, but for the stealer to be saying he stole the money under the guise of political projects!, that's a new thing under the sun. and we have not even reached 10% yet in the investigations.

If Jona had won, even the Nigerian companies would have closed down, and nigeria would have been in super super debt.

this is a welcome development. it is better this people leave the country for nigerians companies to take over.
we have indigenous companies in the fruit juice sector struggling because of the aboved named foreign companies.
there are alot of nigerian companies that can compete favourably and even fill in the vacuum left behind by this foreign companies
all this foreign companies have one thing in common, it is make money and repatriate it back home , and also monopoly. if you want to regulate them, they start lamenting their common anthem(unfavourable business climate)

just hear one of them out

Earlier in the year, South African retail line, Truworths pulled out of the Nigerian market, owing to the economic crisis in the nation.
International pundits say the comments of Michael Mark, CEO of Truworths, about the economy show a sign that President Muhammadu Buhari’s attempts to boost local industry are hurting foreign investment.
“We were unable to operate the stores properly any longer because we were unable to send merchandise to the stores because there’s regulation preventing that,” Mark had said.

so we should allow them have a filled day at the expense of our local industries. no country with that mindset can ever develop.
we must support the government to develop the local industries
from the south east to the south west to the north, we have industrious nigerians. The politicians will want to make a statement out of this.