bbc.com

GSK to Exit Nigeria and Sell Business in 2024 Amid FX Shortages

Uber logoUber
Sig2.40Sen-3.10Env0.00Soc-1.20Gov0.00
GSK plc logoGSK plc
Sig2.78Sen-3.20Env0.00Soc-0.90Gov0.00

Nigerians hear that Uber is shutting its Nigeria service after 12 years, with other foreign firms also leaving. GSK, a major pharma producer, says Nigeria’s business environment remains challenging because foreign exchange is hard to access for foreign-currency payments and production costs are high. It plans to sell its business to a local company for 2024 while continuing to sell products via imports.

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