PricewaterhouseCoopers (PwC) announced its exit from nine African countries on April 16. The exit was based on a strategic review and the streamlining of operations.
This development follows reports of its exit from African countries to reduce financial and reputational risks in high-risk, too-small, and unprofitable markets.
PwC exited Malawi in January 2021, selling its operations to a local firm, Audit Consult Ltd, for about US$100,000.
In January 2025, PwC officially closed its operations in Zimbabwe, transferring its business to Vista Chartered Accountants. Before that, PwC’s competitor, Deloitte, exited the Zimbabwean market in 2024. Zimbabwe’s challenging economic climate, including hyperinflation and currency, makes it difficult for multinational corporations to operate.
The affected countries include the Ivory Coast, Gabon, Cameroon, Madagascar, Senegal, the Democratic Republic of Congo (DRC), the Congo Republic, the Republic of Guinea, and Equatorial Guinea.
These decisions to shut down operations in these countries are part of PwC’s broader strategy to withdraw from high-risk or unprofitable markets.
PwC’s decision to shut operations in nine African countries was driven by financial, reputational, and operational factors.
Regarding its reputation, PwC has been wrestling with several reputational and regulatory challenges at its offices in the UK, China, and Saudi Arabia. For instance:
Therefore, PwC is exiting markets with regulatory and operational risks to restore its reputation. Before leaving nine African countries, it urged local partners to drop high-risk clients.
With PwC withdrawing from these nine African countries, it is refocusing on its core high-growth strategic markets, which include South Africa, Nigeria, Kenya, Ghana, Morocco, etc.
| Country | Key Attributes |
| South Africa | Africa’s largest economy; most advanced economy in Africa; diverse industries; strong financial and legal sectors; PwC’s largest African hub; HQ of multinationals |
| Nigeria | 4th largest economy; diverse industries; major clients in oil & gas, FMCG, banking, and fintech |
| Kenya | East African hub; strong tech and financial services sector |
| Ghana | Western African hub; Stable democracy; growing middle class; expanding oil, mining, and financial services |
| Egypt | North African economic leader; ties to the Middle East, Europe, and North Africa region |
| Morocco | Gateway to European and West African markets; stable political environment; strong banking and industrial sectors |
| Namibia | Stable economy; financial sector linked to South Africa; growing consulting market |
| Mauritius | Financial services hub; attractive legal and tax framework for international business |
With PwC withdrawing from these nine African countries, it is refocusing on its core high-growth strategic markets, which include South Africa, Egypt, Nigeria, Kenya, Ghana, Morocco, etc.
Core markets show steady economic growth, large multinational clients, and strong demand for audit, tax, and consulting services. In addition, Nigeria, South Africa, and Egypt account for over 50% of Africa’s GDP.
Key cities like Nairobi, Cairo, Lagos, and Johannesburg serve as head offices of prominent multinational corporations and banks. Furthermore, these cities serve as hubs for trade with neighbouring markets.
PwC is not the only professional services firm reevaluating its international strategy. Following the 2024 merger of its UK and Swiss operations, KPMG will reduce its global offices to 30 and merge its 13 African offices into one by September 2026.
At the same time, Ernst & Young announced it would consolidate its 18 serviced regions into 10 “super regions” as part of a cost-cutting initiative.
In April 2025, PwC announced plans to exit nine African countries amid reputational, financial, and operational factors. The countries in question are mostly Francophone and are deeply reliant on natural resources.
| Country | Market Conditions |
| Côte d’Ivoire | Regulatory hurdles affect multinational companies; depends heavily on agriculture, particularly cocoa exports |
| Gabon | A country with an economy that relies heavily on oil, resulting in limited diversification of its economic activities |
| Cameroon | Security problems in specific regions and regulatory hurdles hinder investments |
| Democratic Republic of Congo (DRC) | Political instability, ongoing conflicts, and complex regulatory frameworks have created a high-risk business environment |
| Republic of Congo | Economic instability caused by reliance on oil prices |
| Madagascar | Political instability and inadequate infrastructure have hindered economic development and reduced foreign investment |
| Guinea | The business environment is affected by infrastructure issues, coups, and political uncertainties |
| Senegal | Market size small with low profitability margins |
| Equatorial Guinea | An economy heavily reliant on oil and gas exports, limited diversification, concerns over transparency and governance, and Western sanctions impact the investment climate |
PwC has a longstanding presence in Africa, dating back to the early 20th century.
Early Beginnings (Late 19th – Early 20th Century)
PwC’s origins began during the British colonial period, when companies like Price Waterhouse and Coopers & Lybrand opened offices in South Africa, Egypt, Kenya, Nigeria, and Zimbabwe. The British government used these firms for colonial administrations. The launch of its first office in Johannesburg, South Africa in 1921 established PwC’s presence on the African continent.
Post-Colonial Expansion (1960s–1990s)
Following the 1960s independence waves, PwC expanded its tax advisory, consulting, and risk management services in Nigeria, Ghana, Kenya, and South Africa.
Merger(1998–Present)
In 1998, Price Waterhouse and Coopers & Lybrand merged to form PricewaterhouseCoopers (PwC). The company operates in various African countries and offers audit, advisory, tax, and digital transformation services.
PwC’s decision to cease operations in nine African countries will significantly affect the consulting landscape in Africa.
Its exit signifies that the global professional service company will concentrate on Africa’s most commercially viable and stable markets.
Countries such as Nigeria, South Africa, Egypt, and Ghana will continue to attract leading global consulting firms due to their economic size and stable client base.
Despite the global trade uncertainties, some African countries are expected to exhibit robust growth in 2025.
| Country | 2025 Growth Forecast (%) | Key Growth Drivers | Challenges |
| Senegal | 8.7 | Oil and gas production, Infrastructure projects | External trade uncertainty |
| Rwanda | 7.7 | Growth in services and industrial sectors, government reforms, investment in infrastructure, Digital transformation | Limited natural resources |
| Ethiopia | 7.5 | Industrial parks, infrastructure development, expansion of manufacturing sector | Political stability, regional conflicts, inflation risks |
| Niger | 6.6 | Oil & mining expansion (Uranium), agricultural modernization | Regional security concerns |
| Tanzania | 5.9 | Agriculture, Mining, tourism, infrastructure development | External debt levels |
| Kenya | 4.9 | Agriculture, technology sector growth | Fiscal pressures, political instability in neighboring countries |
| Ghana | 4.6 | Diversified economy (industry & service sector), expanding consumer market | Commodity price volatility, High debt level |
| Tanzania | 5.0 | Mining, tourism, infrastructure development | External debt levels |
| Egypt | 3.9 | North African economic leader; diverse industries, strong trade ties with the Middle East, Europe, and North Africa region | High debt level, external trade uncertainty, regional instability (Middle East & North Africa) |
| Morocco | 3.8 | Gateway to European and West African markets; stable political environment; strong banking and industrial sectors | External trade uncertainty, Tension with Algeria |
| Nigeria | 3.1 | Oil exports, domestic market | Trade tariffs, inflation, High Debt level, FX pressures, Currency devaluation |
| South Africa | 1.0 | Africa’s largest economy; most advanced economy in Africa; diverse industries | Electricity crisis, external trade uncertainty |
Below is a regional breakdown of the 2025 growth forecasts and the underlying factors.
| Region | 2025 GDP Growth Forecast (%) | Key Drivers | Challenges |
| East Africa | 5.9% | Strong performances in countries like Rwanda, Uganda, Tanzania, Ethiopia, Djibouti; investments in energy infrastructure and Agriculture | Ongoing conflicts in Sudan and South Sudan |
| West Africa | 4.3% | Full commencement of oil and gas production in Senegal and Niger); strong domestic demand; increased value addition in key agricultural products (Côte d’Ivoire, Gambia, Mali, and Togo) | Regional security concerns, global supply chain disruptions and increased volatility in financial markets |
| Central Africa | 3.2% | Commodity demand like metals and critical minerals. | Humanitarian crises in the Democratic Republic of Congo and declining oil & gas production and exports in Equatorial Guinea |
| North Africa | 3.6% | Strong European demand (France, Italy, Spain) | Downward revisions for countries like Egypt and Libya due to economic uncertainties. |
| Southern Africa | 2.2% | Strong domestic demand and exports to key trading partners (China and the United States) | Tariff uncertainty negatively impacting South Africa, Lesotho, and Botswana |
President Bola Tinubu, on May 22, inaugurated the newly appointed board and executive management of the Nigerian National Petroleum Company Limited (NNPC). The swearing-in ceremony occurred at the Aso Rock Villa in Abuja following their appointments on April 2.
President Tinubu inaugurated Ahmadu Kida, the board’s Non-Executive Chairman, and Bashir Ojulari, the NNPCL Group Chief Executive Officer.
The newly constituted 11-member board includes representatives from Nigeria’s six geopolitical zones and officials from key federal ministries.
Key government representatives in attendance were Heineken Lokpobiri, Minister of State for Petroleum (Gas); Mohammed Idris, Minister of Information and National Orientation; and Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
Bashir Bayo Ojulari, appointed as the Group Chief Executive Officer (GCEO), will lead the new NNPC board. Mr Ojulari possesses over two decades of experience in the oil and gas industry. He served as the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) from 2015 to 2021.
Before his appointment as NNPCL GCEO, he was the Executive Vice-President and Chief Operating Officer at Renaissance African Energy Company. Renaissance Africa is a consortium of five companies that bought Shell’s onshore assets in Nigeria for $2.4 billion.
Before being appointed the Non-Executive Chairman of the board, Ahmadu Musa Kida was a seasoned executive with a background in the oil industry. In 1985, he joined Total Exploration & Production Nigeria, where he worked for over 30 years. He ascended to prominent roles, including the Deputy Managing Director of the Deepwater District in Lagos in 2015. His expertise led him to serve as an Independent Non-Executive Director at various oil and gas companies, including TotalEnergies Nigeria.
Apart from Bashir Bayo Ojulari and Ahmadu Musa Kida, the other nine (9) board members include:
President Tinubu outlined key ambitious targets for the new board to accomplish by 2030 during the inauguration ceremony.
The plan is to boost crude oil production to over 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
To reduce its reliance on imported petroleum products, NNPC plans to expand its domestic refining capacity to 200,000 bpd by 2027 and to 500,000 bpd by 2030.
On the gas front, the aim is to boost gas production to 10 billion cubic feet (BCF) per day by 2027 and 12 BCF per day by 2030.
In terms of pipelines, Ojulari would advance gas infrastructure projects. These include the OB-3 and AKK gas pipelines to boost domestic gas usage. He is also expected to advocate for regional gas pipeline projects, such as the Nigeria-Morocco Gas Pipeline, to enhance Nigeria’s gas export capacity.
President Tinubu inaugurated the new NNPC board after he dissolved the previous board, which was headed by Mele Kyari (former GCEO) and Pius Akinyelure (Non-Executive Chairman).
Former President, Muhammadu Buhari, appointed Melee Kyari as the GCEO in June 2019. Although Mr Kyari oversaw the company’s transition into a limited liability entity in 2022, his tenure was marred by declining oil production amid rampant crude theft and pipeline vandalism.
Therefore, the new NNPC board is expected to spearhead critical objectives. One key objective is to attract $30 billion in investments by 2027 and $60 billion by 2030.
In addition, the new board will perform a “strategic portfolio review” of NNPC’s operated and non-operated assets. The planned reviews come as NNPC prepares for a planned initial public offering within 12–15 months.
Another key objective of the new NNPC board is to complete all gas infrastructure projects. Key gas pipeline projects include the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, the Nigeria–Morocco Gas Pipeline, the Nigeria LNG Train 7 Expansion, the OB3 Pipeline, the Brass Methanol and Gas Hub Project, the UTM Offshore Floating LNG Project, and others.
Polypropylene is a type of plastic polymer used in various applications. These include packaging, automotive parts, textiles, construction materials, and medical devices. It is known for its durability, chemical resistance, and lightweight properties.
The statement coincides with the recent launch of Dangote’s $2 billion petrochemical plant in Ibeju-Lekki, Lagos. The plant is designed to produce 77 grades of polypropylene using UK firm INEOS Innovene technology.
With an annual capacity of 900,000 metric tons, the plant began producing polypropylene in March.
Established in 1978, Vinmar is a global leader in the marketing and distribution of petrochemicals, serving customers in more than 110 countries. By cooperating with Vinmar, Dangote gains access to a robust global supply chain and technology in polymer exports.
Dangote-Vinmar’s partnership follows the commissioning of Dangote’s $2 billion petrochemical plant in the Lekki Free Zone in Lagos.
The plant began producing polypropylene in 25kg bags for the local market in March.
With an annual production capacity of 900,000 metric tons, the facility features two units capable of producing 500,000 mt/year and 330,000 mt/year, respectively.
Polypropylene is a thermoplastic polymer made from propylene monomers.
In packaging, polypropylene is essential for plastic containers, food packaging films, bottle caps, and films.
The textile industry uses polypropylene for carpets, ropes, upholstery, and reusable shopping bags.
Due to its lightweight and strong properties, the automotive sector utilizes the product in bumpers, dashboards, and battery casings.
Due to its sterility and durability, polypropylene is used in healthcare for syringes and medical vials.
The construction and electronics industries utilize polypropylene for insulation materials, cables, and battery cases.
Polypropylene’s versatility and benefits make it a popular choice for packaging across many industries.
According to Trademap, Nigeria’s annual polypropylene import hit $370 million in 2024, $267.7 million in 2023 and $407 million in 2022.
Nigeria imports 90% of its annual polypropylene requirements, amounting to 250,000 metric tons annually.
With an annual capacity of 830,000 tons, Dangote plants will export about 600,000 tons to global markets. At the same time, it is dedicating 250,00 MT to meet domestic demand.
Thus, Dangote’s strategic partnership with Vinmar will enable it to meet local demand and become a net exporter.
Apart from production, Dangote’s partnership with Vinmar will involve marketing polypropylene in 25 kg bags. Platts last assessed the CFR West Africa PP raffia spot price at $1,090/mt on March 5, unchanged from the previous week.
With an annual capacity of 830,000 tons, Dangote plans to export about 600,000 tons of the product mainly to other African countries and the United States.
Previously, Nigeria depended on imports from the Middle East and domestic production from Indorama Petrochemical plant.
Saudi Arabia, South Africa, South Korea, China, and Vietnam are among the top importers of polypropylene into Nigeria.
By 2035, Africa’s market volume will reach 5.5 million metric tons, with a market value of $7.7 billion.
In 2024, polypropylene consumption hit 4.7 million tons. The value of polypropylene in the primary forms market in Africa totaled $6.3 billion. Egypt (1.1M tons) and South Africa (742K tons) had the highest consumption volumes.
In value terms, the largest polypropylene markets in primary forms in Africa include Egypt ($1.5 Billion) and South Africa ($993 million).
Polypropylene production in primary forms dropped to 3.6 million tons in 2024, representing a value of $4.6 billion.
The countries with the highest volumes of production in 2024 were South Africa (911K tons), Egypt (908K tons), and Somalia (367K tons).
In 2024, Africa imported 1.6 million tons of polypropylene, valued at $2.3 billion.
Egypt was the leading importer of polypropylene into Africa, with a volume of imports of 434K tons. Nigeria (183K tons) ranks second in terms of total imports.
In value terms, the largest polypropylene importers were Egypt ($622 million), Nigeria ($370 million) and Algeria ($194 million).
In 2024, the average import price into Africa amounted to $1,426 per ton. Nigeria had the highest price ($2,025 per ton), while Uganda had the lowest ($1,177 per ton).
In 2024, global shipments reached 493K tons, valued at $690 million. Egypt (270K tons) and South Africa (206K tons) represented roughly 97% of total exports, valued at $382 million and $289 million, respectively.
The export price from Africa stood at $1,397 per ton in 2024. Egypt ($1,414 per ton) was the country with the highest price, while South Africa stood second at $1,402 per ton.
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