The recent wave of multinational companies exiting Nigeria has sparked concerns about the country’s economic landscape. But according to a business strategist, these exits also create unique opportunities for local enterprises to thrive. The Guardian spoke to a Supply Chain Expert, Irene Ogbuefi, who has worked on several public health projects to manage high-stakes medical commodity flows in diverse and often challenging environments. Irene has an extensive background in supply chain management. She led supply chain and operational roles at premier organizations, including Save the Children International and JSI Research and Training Institute, Inc. (JSI) in Nigeria. Irene holds a Master of Applied Science in Supply Chain Management from the Massachusetts Institute of Technology (MIT), USA, and a Master of Science in Public Health from the University of Nigeria, Nsukka (UNN), Nigeria. This discussion was centered on local opportunities amid multinational exits. For her, it is no longer news that multinational companies’ exits are challenging; the news is that they also present a chance for Nigerian businesses to shine, innovate, and claim their place in the global economy. Excerpts:

Why are multinationals leaving Nigeria, and what does this mean for local businesses?
The reality is stark. Multinationals are increasingly facing challenges due to exchange rate volatility. The Naira has steadily depreciated against major international currencies, making financial planning difficult. Hedging against these risks has become almost futile. Nigeria’s heavy reliance on imported raw materials and finished products adds to operational costs, and for multinationals, repatriating funds has become more complicated.
Operational complexities are also a key factor. Poorly maintained infrastructure and abrupt policy changes without adequate cushioning slow down business growth. Add to that Nigerians’ reduced purchasing power, and businesses struggle to reap the benefits of operating in a country with over 200 million people.

Despite these challenges, is there room for optimism?
Absolutely. While the exit of multinational brands may feel like a loss, it opens the door to locally made alternatives. This is a moment for Nigerian businesses to step up. It’s not about expecting opportunities on a platter, but about creating resilient, adaptable business models that can survive market disruptions.
How can local businesses capitalize on this opportunity?
First, indigenous manufacturers must maintain high-quality standards. This will gradually dispel the notion that local products are inferior to imports. Second, increased patronage of locally made goods boosts demand and encourages more businesses to enter the market.
Third, investment in research and development is essential to discover and repurpose local materials for manufacturing. Fourth, human capital development is crucial. Every working-age Nigerian should seek to grow their skills and contribute to the success of local enterprises.”

What role should government and infrastructure play?
An enabling business environment is critical. Partnerships between the public and private sectors can address infrastructural gaps. Take the Lagos Red Line Rail Project, for example, reliable rail networks reduce transportation costs and carbon emissions. Expanding similar networks to other business hubs like Port Harcourt, Onitsha, Aba, Benue, and Kano would transform logistics.”

How can local businesses get financial support?
Support should come in the form of loans with favorable terms, tax reliefs, and reduced levies. With collaboration, resilience, and the right mindset, we can change the narrative of low success rates among indigenous companies. The key is a shared purpose, skilled hands, and strong support systems.