Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

This South African Company Is Exiting Nigeria Due To The Currency Crisis

Editor by Editor
March 2, 2016
in Business News, Politics, Spotlight
This South African Company Is Exiting Nigeria Due To The Currency Crisis
Share on FacebookShare on TwitterShare on Linkedin

South African Company, Clover Industries (Clover) has announced that it will no longer invest in Nigeria due to the financial crisis caused by the fallen oil price.

“The current financial crisis experienced in Nigeria which is fuelled by the low oil price is a further cause of concern, thus the group has decided to withdraw from future investments in Nigeria,” Clover said in a statement.

“It’s a sad decision but until the currency crisis is resolved we wont be able to invest in there any further,” Chief Executive Johann Vorster told Reuters.

Clover, established in 1898 is a branded foods and beverages Group, that produces and distributes (for itself and other FMCG companies) a diverse range of dairy and consumer products through one of the largest chilled and most extensive distribution networks in Southern Africa.

The company had planned to invest about $6.43 million in developing products in Nigeria, but instead will continue to expand operations in other Southern African countries – Botswana, Namibia, Lesotho and Swaziland.

RelatedPosts

FG and Amazon Prime Video to partner on developing local movie industry

Nigeria is ticking the economic boxes of a failed state

Clover produces a wide range of poducts, some of which include – Tropika, Clover Krush, Clover Life Nectar, Aquartz Mineral Water, Nestlé Pure Life, Milo, Nestea Ice Tea, Manhattan Ice Tea, Super M Flavoured Milk, Quali Juice.

South African retailer Truworths last month has also decided to exit Nigeria because of the government’s import restriction policy.
The Central Bank last year banned access to forex from its official window on the back of a forex policy that was aimed at curtailing “irresponsible demand”. Also citing high rental cost as another reason for pulling out.

Read More On REUTERS

Related

Tags: Consumer GoodsNigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Seplat and Mobil deal: It’s time to consider moving on
    • 24 Hours Power Supply: Ikeja Electric Sign Tripartite Agreement with Enaro Energy and Ayobo Community
    • Seplat debunks involvement in impropriety as Buhari reportedly makes u-turn on consent to acquire Mobil Nigeria

    Follow us on social media:

    Recent News

    Developing nations must be allowed to create a just energy transition – Roger Brown, Seplat CEO

    Seplat and Mobil deal: It’s time to consider moving on

    August 11, 2022
    24 Hours Power Supply: Ikeja Electric Sign Tripartite Agreement with Enaro Energy and Ayobo Community

    24 Hours Power Supply: Ikeja Electric Sign Tripartite Agreement with Enaro Energy and Ayobo Community

    August 10, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com