767 Companies Shut Down as Economic Reforms Bite Hard

Tony Gists

Nigeria’s economic reforms continue to generate intense debate as hundreds of companies have shut down operations amid rising production costs and a challenging business environment.

(President Bola Tinubu and First Lady. Photo Credit: Parallel Facts)

Since President Bola Tinubu assumed office in May 2023, Nigeria has witnessed a significant wave of business closures, particularly in the manufacturing sector.

Figures from the Manufacturers Association of Nigeria indicate that 767 companies shut down operations in 2023 alone, with several others falling into financial distress.

The period has also seen the restructuring, scaling down or outright exit of a number of multinational firms, including GlaxoSmithKline after more than five decades of operations, as well as Procter & Gamble, Kimberly-Clark, Sanofi, Bayer, Shoprite, Equinor and Bolt Food.

These exits have been largely attributed to foreign exchange shortages, sharp naira depreciation, high inflation, rising energy costs and the removal of fuel subsidies factors that have driven up production costs, restricted access to raw materials and weakened consumer demand.

Job losses have been felt across industrial hubs, particularly in Lagos, Ogun and Anambra states.

While the administration has maintained that it inherited deep-rooted structural economic problems, critics argue that the rapid rollout of major reforms in 2023 intensified pressure on businesses and households without adequate cushioning measures.

Government officials and supporters, however, contend that the reforms were necessary to correct decades of economic distortions, pointing to improvements in non-oil revenue, increased allocations to state governments, stronger foreign reserves and early signs of macroeconomic stabilisation as indicators that long-term foundations are being laid.

Critics counter that the hardship continues to worsen, with more Nigerians slipping further down the poverty index.

More than three years into the administration, questions persist over whether the short-term pain of losing established businesses and livelihoods is justified by the promise of future growth.

For many workers, traders, parents and young Nigerians, the strain remains deeply felt and the coming months are expected to further test whether ongoing economic adjustments will eventually translate into sustainable improvement.

1. CLICK HERE TO DOWNLOAD Tonygists MOBILE APP (APK FILE)

CLICK HERE TO DOWNLOAD Tonygists MOBILE APP (APK FILE)

2. CLICK HERE TO DOWNLOAD Tony Gists Entertainment application

3. CLICK HERE TO DOWNLOAD Nysc dating app

4. CLICK HERE TO DOWNLOAD TonyGists App 2

5. CLICK HERE TO DOWNLOAD new honest creatives application

6. CLICK HERE TO DOWNLOAD Honest Web Solution

7. CLICK HERE TO DOWNLOAD SMES ( DATA LORD APPLICATION)

Subscribe to Tonygists by Email

👉 Follow Tonygists on Facebook
https://www.facebook.com/tonygiststv

👉 FOLLOW TONYGISTS ON AUDIOMACK
https://audiomack.com/tonygists

📸 FOLLOW TONY GISTS ON INSTAGRAM;
https://instagram.com/tonygists

👍 LIKE TONY GISTS FACEBOOK PAGE:
https://www.facebook.com/tonygists2

💌 CONTACT OFFICIAL TONY GISTS
Tony@tonygist.com or
tonygists2@gmail.com

🐦 FOLLOW US ON TWITTER
https://twitter.com/tonygists1

🔔 SUBSCRIBE BELOW
https://www.youtube.com/channel/UCcQcUQOsXxHo4t82UyjqtuQ

🔔 Subscribe to honest web solution on youtube:

https://bit.ly/37AJMEK

💟 CHAT TONY GISTS ON WHATSAPP
https://wa.me/message/I74BWBVZPQQGC1

✔️ JOIN OUR WHAT'S APP GROUP:
https://chat.whatsapp.com/5McXqrChiwP5uiWO52Rkt7

Are You On youtube? subscribe to Hot GIST Channel Latest Updates - @Hot Gist

Are You On youtube? subscribe to Gospel World (which is also owned by Tony Gists) youtube Channel Latest Updates - @Gospel world

Are you on audio mack? Follow Tonygists on audio mack to listen and download to the latest Mfm sermons Latest Updates - @Tonygists

Follow Tonygists on LinkedIn to get more jobs opportunities Latest Updates - @Tonygists

Are You On youtube? subscribe to Honest Ose Channel Latest Updates - @Honest Ose

Are You On youtube? subscribe to Honest Web Solutions Channel Latest Updates - @Honest Web Solutions

Are You On youtube? subscribe to Xtremely Honest Channel Latest Updates - @Xtremely Honest

Are You On Twitter? Follow Us Now For Latest Updates - @tonygists

Are You On FACEBOOK? Like Our Page For Latest Updates - tonygists

Are You On FACEBOOK? Join Our Group For Latest Updates And Interactions - TonyGists

© 2025 Tonygists | Portions are © 2025 Associated Press. All rights reserved. This material may be published, broadcast, rewritten, or distributed.