Kimberly-Clark, an American company that manufactures Huggies diapers and Kotex products, has laid off nearly 90 percent of its employees in Nigeria, according to Tech Cabal.

The layoffs came just three days after the company announced its decision to exit the country, citing “refocused company strategic priorities globally” and “economic developments in the country.”

“Kimberly-Clark today announces it has made the difficult decision to exit its business in Nigeria after almost 15 years, due to recently refocused company strategic priorities globally as well as economic developments in the country,” the company said in a statement on May 31, 2024.

While the layoffs affected around 150 workers, the remaining employees are expected to be let go once the exit is completed.

Kimberly-Clark’s exit from Nigeria is the latest in a series of departures of multinational corporations from the country, including GlaxoSmithKline Consumer Nigeria Plc, Sanofi-Aventis Nigeria Limited, and Procter and Gamble. Since 2023, at least eight big multinational companies have exited the country, citing various reasons, including unsustainable economic conditions.

The company’s exit can be attributed to the challenging business environment in Nigeria, characterised by depressed consumer spending power caused by soaring inflation and instability in Nigeria’s foreign exchange market.