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Nairaland Forum / Nairaland / General / Politics / Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years (17673 Views)
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Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by TOMMYS: 11:18am On Jul 07 |
[quote author=Lanruze post=130835461][/quote] So why are they cock sure that it won't get better. Why leave. Why no endure . Wait till after say 3 years. Why run away.. I thought they say Nigeria is the best African country to be in terms of investment, considering our population |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Jlow2: 11:30am On Jul 07 |
Agbado munchers will say it’s a lie they left because of ipob |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Lanruze: 11:43am On Jul 07 |
Realtruth2023: I have no reason to respond to you and owe you no explanation, but for clarity and reference I will enlighten you a bit. Firstly, I am apolitical and I will remain as such for a while. In Business there are opportunities and threats to Businesses everywhere in the world and not only Nigeria. The same reason Multinationals are exiting Nigeria, enabled Deposit Money Banks (DMBs) declare humongous profits in FY 2023 which is the FX harmonisation policy. All Tier (1) one Banks in the FUGAZ category declared mind-boggling and humongous profits based on the official Foreign Exchange earnings in their balance sheets (i.e the FX rates movement from N700-$1 to N1,500-$1). The above states that threats in one sector with multinationals exiting based on FX scarcity scaled Tier 1 Banking to be profitable for a financial year. There are opportunities in chaos when you take an objective and unbiased view of the outcomes. Irrespective of the rate of strife in the Nigeria, A large and active youthful population is an asset to any country. Even with the obvious inequality in Nigeria, people still eat, clothe, read, socialize, have health and medical need and move from one point to the other. These are demand driven sectors. Even with declining disposable incomes, Nigeria is still the largest market in the black race take it or leave it and with the exit of multinationals, private equity investors and local manufacturers have no excuse than to substitute immediately whilst creating a homegrown solution. Nigeria still has the largest data market penetration in Africa, The most prosperous and active FINTECH start-ups ecosystem in the whole Africa, The most engaging entertainment audience verified by Sportify, YouTube, AppleMusic and Boomplay. Facebook also acknowledge the traffic with the inclusion of Nigeria for its monetisation to improve audience in the country. The Asians (China, South Korea, India) have gone through this phase before and are currently positioning itself to tap the huge opportunities in the Nigerian Market. Opportunites & threats are bound in every society. |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Gloriouspa(m): 11:53am On Jul 07 |
sofeo: Even inside the well 😀😀😀 |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Makamatic: 12:26pm On Jul 07 |
Yashita: Batidiot I cannot be shuffering and shmiling . Idiot |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by fijihems: 1:12pm On Jul 07 |
The economic climate is highly toxic to growth and development of business. |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by specialmati(m): 1:27pm On Jul 07 |
Slytiger:replacing a drug lord with a national criminal .leave those old generational criminal to rest .let the younger one take over 1 Like
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Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Robertgreene1(m): 1:30pm On Jul 07 |
Yashita: Go and replace them na...you know how much capital them use dey run their business? Unilever alone no worth $1 billion dollars and employed at least 20,000 workers...you how much do you have as capital and how many people have you employed before? Una go just open mouth wah dey yarn rubbish...no sense at all!!! |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Inosky: 1:33pm On Jul 07 |
Slytiger: Another disaster. Una no dey tire with disaster and cluelessness |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Chiefpriestt: 1:36pm On Jul 07 |
OluwafemiYemi:A country that has many foolish people like you are in serious danger. |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Inosky: 1:37pm On Jul 07 |
Lanruze: With all this capping, how many Nigerians are now poor, tozo? |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Realtruth2023: 1:58pm On Jul 07 |
Lanruze: Again you are not a sensible person to use the profits of FUGAZ as a yardstick. These banks took advantage of the devaluation and the unification to make a windfall in treasury sales. If you are smart you will see it from the analysis of their balance sheet and the P&L of these banks. |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Lanruze: 2:10pm On Jul 07 |
Realtruth2023: Initially thought you were matured and civil but you chose to go the petty route by calling me " not sensible". From your tone and attention span, you talk like a neophyte. Matured people face the issues and address it appropriately. Read and google the meaning of opportunites and threats. And please be guided accordingly. |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Realtruth2023: 2:17pm On Jul 07 |
Lanruze: Oga stop trying to be smart it is not your forte you are dense. The huge profits they made due to the unification cannot be made again. The banks bow have seen a drop in profits because loan portfolio is shrinking. Look Nigeria's population is now a curse not a blessing because of our low purchasing power. Our effective population that can purchase a commodity that ensures profit is shrinking. Multichoice recorded a drop in subscriber count. MTN record a loss in one quarter and they have also witnessed a slide in data subscriptions. You guys are so desperate to spread lies and propaganda, the era of deception is over, in Africa it is clear we are not what we used to be. One guy in an AU symposium said our population counts for nothing when no value is added. Our purchasing power and population used to be the value attracting thing, but no more because the purchasing power has shrunk where 133m are in poverty level and below you cannot be attractive at all. 1 Like |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Celestialsword: 2:21pm On Jul 07 |
Why is forex scarce when Nigeria is a major exporter of crude oil 1 Like |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Lanruze: 2:52pm On Jul 07 |
Realtruth2023: |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Lanruze: 2:58pm On Jul 07 |
Your folks that bore you are super-dense and also myopic. You are a pessimist and outright lowlifer. Stay there in your negative filled mind. Ozuor, Ode, Olofo. Google how much YouTube and Ticktok paid out for content creators and see how much Nigerians make monthly legitimately. How much do FINTECHs make that you know? Please take a walk away from me Bad energy. MTN profit dropped cause of cheaper alternatives from competition. Opportunites & Threats simple...... Ozuor ! Realtruth2023: |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Timmi: 4:32pm On Jul 07 |
ShogunNoName: Is it not you that is calling for a riot? And just like a coward that you are, you are now chickened out |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Charly68: 8:07pm On Jul 07 |
They will leave because the Govt is not doing anything to reduce their cost of production. Diesel is too costly and electricity is epileptic ,what else do we expect ? - Politicians just want power to enrich themselves and their families and not to solve our problems . God will surely judge them |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Realtruth2023: 8:15pm On Jul 07 |
Lanruze: Oooo bro you don't have sense truly. Do you know that now VCs have stopped investing money in Fintechs in Nigeria, the VC funding has stopped, they are focusing more in Kenya, South Africa and other markets. You asked how much Fintechs made, let me burst your bubble, many Fintechs in Nigeria have closed shop more last year than any other year, have you noticed that there is no more huge buzz again on seed rounds from VCs on Fintechs in Nigeria anymore. Google, Microsoft and Facebook(meta) have scaled down investment because the incomes from Nigeria have dropped drastically, you say MTN and Co dropped because of alternatives tell me which alternatives to data from MTN? Bro face the truth Nigeria is not as attractive as it is because if it really is these companies would not be leaving or considering an import based model, because they know that our purchasing power is shit that if they produce and factor the high cost of production in Nigeria, the average Nigerian cannot afford it. Our population so far the government is not doing anything to improve the living standard, is more of a burden than a blessing to the market. |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by brazenwalls: 8:54pm On Jul 07 |
*FOOD FOR THOUGHT FOR ALL NIGERIANS*- Sir Demola Aladekomo, Founder, Chams International. We have been inundated with so many of the Volkswagen Rwandan issues. Normally, I will keep quiet, but we have to start reacting. Evil thrives when the good keeps quiet. I am not sure if we are aware that we have at least 8 motor assembly plants rolling off trucks and cars in NIGERIA. About 5 started in the past 3 years. No one sang their praises. Even with all its issues, Innosson, which has done so well assembling/manufacturing cars and SUVs, is almost being killed through criticisms because of its issues with Customs and GT Bank. How do we sing more about our achievements? Let’s talk more about the positive developments we have had in the past few years rather than the overflogged bad news, rumours, and wicked comparisons. 💥Nigerians are the biggest issue for NIGERIA.💥 We never see anything good about our country. Grass is always greener on the other side. 💥We berate ourselves so much we do not need any other nationals to do it for us.💥 It’s as if there are no issues in the UK, USA, and even the Vatican City with its 265m Euro theft? I have no issue with Rwanda that I visit often. I commend them. I just do not see the comparisons between NIGERIA and Rwanda. Will like to have a debate on Governing 192m vs 12m; largest vs. small economy in Africa, Democracy vs. non democracy etc! Despite all, I still respect Rwanda but not comparable to what we have achieved in NIGERIA. Denigrating Nigeria does not uplift the individual either, you are digging your own unhappiness and depression. The temporary high will be over, and soon you will realize you just criticized yourself. Let’s reduce the sensational issues and be factual pls. Destructive criticisms do not help. Constructive ones do. Let’s give suggestions on how we can glorify God with our words, writings, etc. through services to humanity and Nigeria. By the way, I am proud of current developments in NIGERIA, the massive opportunities there are, and the great efforts being put in by our children in the private sectors. Whilst we the parents are becoming more destructive by the day our children are making waves in technology, entertainment, food (thanks to Chef Imoteda who taught me that Food industry is massive in NIGERIA & globally), fashion and construction. We thank the *Dangote’s, Fintechs, and NIGERIAN Banks* that have taken over Africa (UK almost being dominated by our banks now) and doing great job of it without being noticed and praised May God bless them all. We thank our *security agencies* for the great sacrifices/jobs they are doing despite the lack of resources due to our large dependence on oil. We thank our *teachers* who have been so criticized by their ‘successful’ former students for their continued service to humanity despite poor pays ( I wish these arm chair critics will Voluntéer their spare times in the classrooms and hospitals just like their counterparts do in other nations). We thank our *Doctors and Nurses* who take care of us with little or no infrastructures and medications. (My mum had neurosurgery continued when the power supply went out using a TORCH by a great Nigerian in Osogbo. God bless Dr Rabiu. Let us contribute our little quota to make sure it does not happen to others. Yes, it's a problem, but let’s find a solution) We thank *Nigerians who are doing their best, irrespective of the issues.* Other nationals developed their own countries. Let us develop ours pls. God bless you all. *Demola Aladekomo* #KemKem https://x.com/KemPatriot/status/1809844315528511833 |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Ojuntana: 8:54pm On Jul 07 |
Ironbull:What about the jobs lost Who is going to replace them or is your 30k job going to get jobs for those laid off? Zombie 🧟♀️ 🧟♀️ 🧟♀️ |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Lanruze: 9:15pm On Jul 07 |
You are an incurable pessimist and bad energy. You justify your myopic view so swiftly like you are certain of the next minute or tommorrow. You are a great ode, rude, childish and unnecessarily confrontational. Nigeria is has the biggest potential in the whole of Africa, hope you know that Aliko Dangote was a large corporate in Nigeria before going multinational. If he was a pessimist like you he would have given up with a little challenge. Realtruth2023 |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Realtruth2023: 9:17pm On Jul 07 |
Lanruze: Dude face facts it is not about either optimism or pessimism here but the real facts. Even Dangote is groaning serious under the economic strain. Nigeria's numbers count for nothing right now let us be sincere to ourselves. |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by 7arrows: 9:20pm On Jul 07 |
Fiscus105: When you travel out of Nigerian and stay just one year maybe in Europe then will your mindset change. You can't understand me yet. Pls get a resident visa and stay in Europe just one year then you'll know that the thing called tribe is the beginning of our problem in Africa. Good luck with your mentality. |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Ojuntana: 9:21pm On Jul 07 |
Realtruth2023:Pls ignore that dullard Let me pick your brain What do you think can be done in the immediate to rescue Nigerians from this bad situation |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Realtruth2023: 9:24pm On Jul 07 |
Ojuntana: First of all cut down the cost of governance, be very serious with insecurity so that farmers can go to their homes. Do an audit of the subsidy regimes and get those who fraudulently benefitted to repay back. Do a thorough investigation of NNPC and fish out those who steal crude oil to increase production. Offer incentives to SMEs to ensure more Nigerians are productive. Reduce tax so that there are more disposable income to Nigerians. Offer tax holidays to multinationals returning back to the country. Improve power generation and distribution in the country. 1 Like |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Ojuntana: 9:30pm On Jul 07 |
Realtruth2023:Hmmm. It's obvious you're not just criticising for the fun of it but have actually put in a lot of thought into your perception of the issues and a way out. Do you think the present people in govt are on the right trajectory to carrying out your solutions or maybe if what they are implementing can get us close to it |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Yashita: 9:36pm On Jul 07 |
Guys, read this Nairaland thread 👇 https://www.nairaland.com/8147325/brilliant-perspective-beauty-and-brain-lady-demi#130845291 |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by Realtruth2023: 10:43pm On Jul 07 |
Ojuntana: From what I see the present people in government are not at all. |
Re: Economic Crisis: Job Losses As 16 Multinationals Exit Nigeria In 3 Years by MIKOLOWISKA: 12:01am On Jul 08 |
Remman: Mention these policies
So if you don't see grant you will not eat next year?
Who allowed this to spread Jonathan and obj Pdp yeah we can Ask Somalia Sudan Lebanon Yemen Venezuela north Korea but the good news for this government is that the generation that will go on a protest for bad governance are still in primary and secondary school, as the current generation still dealing with the after effects of Endsars protest cannot embark on a similar protest again. It's common psychology.and you think next generation can do what they've never witnessed |
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