Finance

Efritin shuts Nigeria office, blames bad economy

Efritin (pronounced ‘Everything’) has stopped further investments in Nigeria and has wound down operations, just 16 months after its official launch.

Investigation showed that high cost of data and operational demands forced the e-classified advert player to close shop.

The company’s staffs are already vacating the head office located in Ikeja while office properties are being auctioned. In a Skype call with Nigeria Communications Week, Nils Hammar, chief executive officer, Saltside Technologies and owners of Efritin, confirmed the decision to close down its Nigerian office, blaming harsh economic conditions in the country as the primary factor.

Hammar said that high cost of data is slowing down investments, disclosing their fears that current economic indices (recession) in the country may remain the same up to last quarter of 2017.

“We are reducing our investment in Nigeria. That effectively means we are reducing our staff; everybody has to go. But in terms of using the site, it will continue as before. By investment we mean the investment we made from the launch, it will be reduced,” he said.

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