The American technology company, International Business Machines (IBM), has exited the Nigerian economic space.
The company which has been operating in Nigeria for over 50 years becomes the latest multinational to exit the country in recent times.
IBM said it is also leaving Ghana and other African countries, while it transfers its operations to a third-party company.
In October 2024, South African grocery retailer, Pick n Pay, exited the country after selling its 51% stake in a joint venture.
In the first six months of last year, at least five significant companies including Microsoft Nigeria, PZ Cussons Nigeria Plc, Kimberly-Clark Nigeria, and Diageo Plc left the country.
In a statement announcing its exit on Wednesday, IBM said it would transfer its regional functions to MIBB, a subsidiary of Midis Group, a multinational IT and telecommunications conglomerate operating across Europe, the Middle East, and Africa.
The statement read: “MIBB will market and sell IBM products and services in 36 African countries, thereby giving MIBB’s sales network direct access to IBM products, services, and support, further boosting innovation and growth in the region.”
In the 1960s, IBM helped to set up an educational centre at the University of Ibadan to build digital capacity.
The company was integral to the growth of the technology landscape, providing infrastructure and consulting services to industries such as education, banking, telecommunications, oil and gas, and government.
By: Babajide Okeowo