Nigeria, once Africa's largest economy, is set to fall to fourth place due to its worst economic crisis in decades. The country is grappling with skyrocketing inflation, a plummeting national currency, and widespread food insecurity. Diageo is selling its majority stake in Guinness Nigeria to Singapore's Tolaram for ₦103 billion ($70 million) amid the ongoing currency crisis and economic downturn. This move reflects a trend of multinational companies reducing exposure to Nigeria amid its severe cost-of-living crisis.
Diageo’s Guinness sale in Nigeria puts a new spotlight on a battered economy, by @onu_kwue via @SemaforAfrica https://t.co/tTogC7NfiU
Diageo’s sale of its majority stake in Guinness Nigeria renewed fears that more Western conglomerates will flee Africa’s most populous country as inflationary pressure continues to cut consumer spending power. https://t.co/KUgqTRcvnX
Diageo is selling its stake in Guinness Nigeria, joining other multinationals exiting Capital flight out of Nigeria over the past year has been crazy https://t.co/UVkbIV9AeR via @markets
🇳🇬 | Diageo is selling its 58% stake in Guinness Nigeria to Singapore's Tolaram for ₦103B ($70m) amidst Nigeria's ongoing currency crisis & economic downturn. —Western companies like Unilever, GSK, Procter & Gamble, Sanofi & PZ Cussons are scaling back due to forex shortages &… https://t.co/b0C6FfUEZ6
Diageo sells 58% holding in Guinness Nigeria PLC Buyer is Tolaram, which will license rights to manufacture & distribute Guinness & other brands International premiums business to be separated & remain 100% owned by DGE NGN 81.60 / share price values stake at ~$70m $DGE $DEO https://t.co/lHA6UgHvyb
Tolaram Group To Acquire Diageo's Shareholding In Guinness Nigeria Plc | Sahara Reporters https://t.co/EraVjrdko7 https://t.co/hP3eWJFQUu
Drink maker Diageo sells majority stake in Guinness Nigeria to Singapore’s Tolaram for ₦103 billion ($70 million). Tolaram already owns several popular Nigerian consumer products, including Indomie, Lush Hair extensions, Minimee, Dano Milk, among others. https://t.co/jj0TwE9H93
Diageo is selling its stake in Guinness Nigeria, joining other multinationals exiting or reducing their exposure to the West African nation that’s facing its worst cost-of-living crisis in decades. https://t.co/fYNNJNlI2Q
Nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in free fall and millions of people struggling to buy food. https://t.co/BL0giuMoZ8
Only two years ago Africa’s biggest economy, Nigeria is projected to drop to fourth place this year as the country faces its worst economic crisis in decades, with a national currency in free-fall and millions of people struggling to buy food. https://t.co/I1oVYFA9kI