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Procter&Gamble restructures its business in Nigeria and Argentina

2024-04-12

Procter&Gamble restructures its business in Nigeria and Argentina

 

Procter&Gamble announced that it will restructure its operations in Nigeria and Argentina due to the challenging business environment in these two countries. Procter&Gamble plans to no longer produce in Nigeria, only import and sell related products, and is also planning to exit its business in the textile and home care categories in Argentina.

 

Procter&Gamble stated that the company's main pricing method is in US dollars, and in recent years, the macroeconomic conditions in Nigeria and Argentina have not been optimistic, posing challenges for conducting business in these two countries. Although Procter&Gamble has not yet disclosed the specific time of its withdrawal, the company expects to undergo relevant restructuring throughout the entire fiscal years of 2024 and 2025.

 

Procter&Gamble's CFO, Andre Schulten, stated that Procter&Gamble's net sales in Nigeria were $50 million, while its net sales in Argentina were approximately $400 million.

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