P&G (PROCTER & GAMBLE) DISSOLVES OPERATIONS IN NIGERIA Consumer goods giant Procter & Gamble has announced plans to dissolve its field operations in Nigeria and conduct imports only. Group CFO Andre Schulten said this during his presentation at the Morgan Stanley Global Consumer and Retail Conference. The company explained that it is difficult to do business in Nigeria as a dollar-denominated organization and that Nigeria's macroeconomic reality is responsible for its latest strategic decision. The current macroeconomic conditions in Nigeria have negatively impacted USD-denominated foreign businesses in Nigeria. These companies have often cited difficulties in sending US dollars out of Nigeria. The Central Bank has admitted that it has a foreign exchange backlog of around $7 billion, making it more difficult for USD-denominated businesses.
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