Guinness has made known their intention to exit the Nigerian market as they sell off their controlling shares to Singaporean conglomerate Tolaram Group on Tuesday, June 11.
Guinness has now joined a long list of multinationals, like GlaxoSmithKline and Microsoft, that have declared their intention to leave or have left Nigeria, citing the harsh economic climate in the country.
The brewery company recorded a staggering N61.9 billion loss after tax between July 2023 and March 2024, just a few months after Mr Tinubu floated the naira in an effort to unify the currency’s value on the official and parallel foreign exchange markets.