The Nigerian business landscape is a paradox. Despite being rich in human and material resources, people and businesses continue to face multiple challenges, even as key economic metrics continue to decline.

In the past year, around eight top multinational companies across various sectors have either exited the country or announced their intentions to leave. Given the current strain across sectors, particularly the recurrent financial losses that telcos have suffered since last year and their outcry for government support, one wonders what the consequences would be for the already strained economy if such companies were to throw in the towel.

The economy operates as a middle-income, mixed economy, and an emerging market. It has an extensive range of sectors including manufacturing, financial services, communications, technology, and entertainment, all of which contribute to its status as the 32nd-largest economy in the world in terms of nominal GDP. Although it now stands as the fourth-largest economy in Africa, it continues to play a significant role in providing goods and services for the entire West African region.

Nigeria, ranking 14th globally in oil production, is rich in other natural resources, which makes it attractive for potential investors looking to explore this largely untapped market. The investments are crucial for the economy's vitality, emphasizing the need for continued investment if the returns on these investments are desired. Yet, despite these assets and potentials, Nigeria’s economy is in distress. Businesses are struggling. This is evident in the alarming number of companies withdrawing from the country.

These exits are symptomatic of deeper economic issues. The inflation rate in Nigeria has skyrocketed to its highest level in years, marking a significant economic challenge for the country. With an inflation rate of 33.95%, an interest rate of 26.25%, and persistent foreign exchange challenges, the business environment in Nigeria is becoming increasingly untenable.

This surge in inflation has been accompanied by a substantial depreciation of the naira, which has reached unprecedented lows

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