Posted 12/28/2023, 3:06:39 PM
Nigeria's Turbulent Economy Prompts Business Exodus Ahead of 2023 Election
- Uncertainties around 2023 elections led investors to be cautious about long-term decisions
- Early 2023 saw cash shortages and a botched currency redesign that initially hurt spending
- Removal of fuel subsidies and FX reforms caused soaring inflation and naira devaluation
- These economic hurdles, along with longstanding issues, led companies to exit Nigeria
- Significant company exits took place amid a tough business climate
