The end of an era?🛍
#183: When consumers can't spend, producers become the meal.
Hello Venturer,
We’re reaching the end of another year, and many of us are torn between the thrill of EOY faites la fête and the boiling pressure of deliverables and goals. Either way, stress hormones are in full flight. If this describes you, this is your sign to take a deep breath. There’s a saying that “the best thing about the future is that it comes one day at a time.”
Yes, I know that saying goes both ways. And that’s why this week, we’re talking about a country that didn’t prepare for its future: Nigeria. For years, businesses have faced several challenges that policy frameworks could have prevented. This year, a concerning handful of FMCGs have closed shop in the country. Why exactly did this happen, and what does it mean for Nigeria’s FMCG market? We have answers.
Oluwatosin Ogunjuyigbe
Staff writer, Ventures Africa.
What’s New?
Why multinational companies are leaving Nigeria
Multinational companies, such as Procter & Gamble, GSK and Unilever, have decided to scale down or pull out of Nigeria altogether. Read more.
The exodus of multinationals could exacerbate the problem of subpar products in Nigeria
The exodus of multinationals creates a gap that enables the proliferation of counterfeits and locally made products of dubious quality. Learn more.
TikTok is doubling down on Kenya with a $1.49m SME fund
TikTok, the popular short-form video platform, is setting up a $1.49 million fund to support small and medium enterprises (SMEs) in Kenya. Learn more.
My Pivot Journal: How Onyinyechi Obi moved from communications to data analysis
Onyinyechi Obi has always been passionate about effective communication. But now she has found a new way to communicate: data. Read more.
Ethiopia's banking sector is in a dilemma on receiving foreign investors
Ethiopia is opening up its banking sector to foreign competition but wants to determine how much foreigners can control. Read more.
ICYMI: Dangote Refinery gets crude, AFDB funds TADB, NIBBS new bank transfer policy
Dangote refinery marks a significant step towards the commencement of operations as it receives its inaugural 1 million barrels of crude. Read more.
BizHive Entertainment
The New Wave of Nigeria’s Soft Power
Soft power - To attract, persuade, influence, and shape preferences through culture. Nigeria has effectively done this through entertainment. Our music, films, and content transcend borders, commanding global attention. As master storytellers, we are leveraging new technologies to amplify our cultural influence.
Read our latest magazine issue to learn more.
Our Weekly Collectibles
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