Uber is leaving. So have Unilever, Procter & Gamble, Microsoft, GSK and a long list of global names that once saw Nigeria as their next big market. Financial analysts say the thread connecting all of them is a business environment that has quietly become too painful for profit.

The ride-hailing giant announced its exit from Nigeria on Wednesday, September 2, 2026 — becoming at least the 15th multinational to pull out, divest or shut down part of its operations since 2023.

The roll call is staggering. In the last three years, Nigeria has lost Unilever Nigeria Plc, Procter & Gamble Nigeria, GlaxoSmithKline Consumer Nigeria, Shoprite, Sanofi-Aventis, Equinox, Bolt Food and Jumia Food. Microsoft, TotalEnergies (via divestment), PZ Cussons, Kimberly-Clark and Diageo have all scaled back or left. Heineken’s Champion Breweries sold its majority stake, Pick n Pay sold out of retail entirely, and Netflix stopped commissioning Nigerian originals. Stretch the window back to 2020, and the number of firms that have exited or shrunk approaches 75.

Here’s the twist analysts keep pointing to: on paper, Nigeria’s economy looks healthier than it has in years. GDP grew 4.43% in real terms in Q2 2026. Inflation fell to 15.43% in July. The naira has stayed relatively stable since foreign-exchange liberalisation, trading at N1,320.56 per dollar on September 7.

So why are companies still leaving?

For Professor Godwin Oyedokun of Lead City University, the answer lies in a growing gap between macro headlines and micro reality. Good statistics, he argues, have not translated into good business conditions.

“GDP growth, improved foreign reserves and moderating inflation are positive developments,” Oyedokun told DAILY POST, “but businesses still face high energy and financing costs, exchange-rate risks, weak consumer purchasing power and regulatory uncertainties.”

He cautions against blaming every departure on the Tinubu administration — Uber’s exit reflects a global restructuring, not necessarily a verdict on Nigeria. But the broader pattern is unmistakable.

“The real test of President Tinubu’s reforms is not only whether the macroeconomic statistics look better, but whether businesses are investing, expanding and creating jobs,” he said.

For Gbolade Idakolo, CEO of SD & D Capital Management, the pain is more direct. Multinationals came for Nigeria’s massive population and the promise of fat margins. What they found instead was a slow squeeze.

“The projected profits have been eroded by the reduction in the purchasing power of Nigerians, which can be attributed partly to the higher exchange rate and inflation,” Idakolo explained.

Add to that brutal operating costs. Businesses are wrestling with expensive energy, unresolved infrastructure gaps and security challenges. Meanwhile, consumers — squeezed by inflation and a weaker naira — simply have less money to spend.

“The cost of doing business in Nigeria is still very high,” Idakolo said. “The businesses also battle with high operating expenses, which are caused by the high cost of energy.”

Many of the firms still standing have downsized or sold parts of themselves. The ones that couldn’t take the strain have packed up entirely.

A warning policymakers can’t ignore

The departure of so many global brands isn’t just a corporate story. It’s a signal about Nigeria’s competitiveness — and a warning that no amount of reassuring economic data will keep investors in a market where everyday business is so hard.

Analysts are blunt about what’s needed: move beyond stabilising the currency and boosting GDP, and actually fix the conditions on the ground. Energy costs. Infrastructure. Regulation. Purchasing power.

“Nigeria must now move from macroeconomic stabilisation to genuine economic competitiveness,” Oyedokun said. “Good statistics are important, but they must ultimately translate into stronger businesses, more investment, jobs and improved living standards.”

Until they do, the exits may keep coming — and each one makes the next headline harder to sell to the world.

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