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 company 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 have 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 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.today.ng/business/88199/another-safrican-company-pulls-out-of-nigeria

Op I see most of your posts show your a bearer of bad news

Itts a good thing that the company that makes juice is leaving

Nigerian companies make juice and they are staying

Change!!!!

this man is killing what it takes Jonathan time to build foreign investment

Good riddance!

True investors stay for the long term and willing to stay steadfast during economic downturns.

There is a saying that you only find out your true friends during your time of need.

Similarly you can tell the real serious investors by how the behave when the economy slows down.

Who mess? Who mess? Ahh see as all man dey bail.

worksmart:
Good riddance!

True investors stay for the long term and willing to stay steadfast during economic downturns.

There is a saying that you only find out your true friends during your time of need.

True investors stay for the long haul.
Do they have a factory or farm in Nigeria or they are treating Nigeria as a dumping ground for excess production in South Africa

Lalasticlala, this is a good news. All these South Africa retail outlet, have to leave ASAP, They are all parasite feasting on our economy by dumping all sort of rubbish on our markek. Can u imagine these SA retail outlets importing basically everything from their home country including fresh mango and banana, that can be source in any community here in naija.

Fair weather investors, Nigeria won't die in her condition.

make dem pull out sharp sharp no more shayo for naija again

Our economy got ruined during military regime and it was somehow revived during past democratic regimes but the current DSS regime is crumbling everything.

Ok. Good news for home-based competitors. The only foreign companies we need now are power producing companies since its obvious the government has no clue how to generate and maintain constant electricity.

Bye bye to em.

We wanna build it our own way!

banki:
Op I see most of your posts show your a bearer of bad news

Itts a good thing that the company that makes juice is leaving

Nigerian companies make juice and they are staying

I see that you don't care about the newly unemployed. Widen your perspective, I would advise. Everything isn't always parochial. Some will be unemployed, some may find new roles, others may not.

Just pray that those who remain unemployed do not resort to theft as results of social experiments suggests.

Ok

Another opening for a local investor, time for chivita to rule the market

Onyejiuwaokoh:
Our economy got ruined during military regime and it was somehow revived during past democratic regimes but the current DSS regime is crumbling everything.

Some people given birth to yesterday will just come online and post whatever they like, quote me anywhere 90% if not all federal roads available now and major buildings were done by the military, the democratic regimes had been coming to renovate most of them. Tell me which massive project our democratic thieves had constructed that can stand the 3rd mainland bridge constructed by the military. Thou they were not holy but were far better than some clueless ineffectual buffoon who mistakenly got into power

austinsmat:
this man is killing what it takes Jonathan time to build foreign investment

What's this one saying Jonathan built foreign investments Do you even understand urself? For your information this so called company imports all their fruits and materials from southafrica abandoning our local farmers, shoprite should be the next to take a bow, those ones even import banana and other fruits like we don't have them in abundance in naija

Buhariconomics is biting hard I guess.

we supos organise send off party for dem ooo..na only dem waka come na stil only de waka go.

austinsmat:
this man is killing what it takes Jonathan time to build foreign investment

do you know what foreign investment is at all

*in soccer fans voices* one by one, dem don dey go.






Which way naija?

Change!!!

Indigenous companies should wake up. And take over.

Onyejiuwaokoh:
Our economy got ruined during military regime and it was somehow revived during past democratic regimes but the current DSS regime is crumbling everything.

its true and its a pitiful Situation

We will drink Zobo

banki:
Op I see most of your posts show your a bearer of bad news

Itts a good thing that the company that makes juice is leaving

Nigerian companies make juice and they are staying

Very positive response.

Great is this news...

They should leave already. ......I here to help with their logistics for free....

Onyejiuwaokoh:
Our economy got ruined during military regime and it was somehow revived during past democratic regimes but the current DSS regime is crumbling everything.

STFU!!! You dont know anything on How to build a true Economy. Nigeria has been living a false life until now that we can see the true picture. Its only in Nigeria that you find a private oil marketer begging for subsidy before he can survive in the oil sector. Now they have stopped giving them subsidies, them don close shop!!! They have sabotaged our country for long. They have allowed the importation of fuel and killing of the power sector. Let them vanish!!!

And when ie "empty hen" pulling out .,so I go pop champagne..

OK........ Multichoice and MTN next in line

Those who understands business and are solid enough will stay. Let them all leave so we know who's with us. I even thought they were producing some essential commodity sef.

What's tha business?