Guinness Nigeria will now join the ranks of companies such as Unilever and Dunlop that have relocated from Nigeria to Ghana.
The corporate headquarters of Guinness Nigeria PLC has relocated from Lagos, Nigeria to Ghana.
According to those familiar with the situation, the brewery producers were merely shifting their headquarters from Lagos and not fully leaving Nigeria.
The move takes place in the midst of Nigeria’s tough economic conditions, which are suffocating company operations. The country has been experiencing severe fuel shortages and ongoing blackouts as a result of the national grid’s failure in recent weeks.
Diesel, which is used to power most industrial power generators, reached a high of N540 per litre earlier this week.
Nonetheless, the company promised Nigerians in a statement that they will continue to invest in the country. However, they remained silent on the subject of transferring their headquarters.
The company also denied being chased out of Nigeria due to the country’s tough business environment. However, economists believe that this was simply to avoid upsetting Nigerian authorities, as the company’s major African market and investments are still in Nigeria.
The beer corporation has been overseeing its West African operations from its Ikeja headquarters since 1962, when it first opened its doors in Nigeria.