Tiger pulls back on funding to Nigerian arm, posts solid domestic results

JSE-listed Tiger Brands has recorded a solid performance for the year ended September 30, driven by its core South African businesses, but this has been diminished by its international interests, such as its Nigerian business Tiger Branded Consumer Goods (TBCG), formerly Dangote Flour Mills. The macroeconomic environment in Nigeria has deteriorated significantly. TBCG’s results were impacted in the third quarter by the delayed pass-through of raw material price increases arising from the naira’s devaluation in February, as well as fuel shortages and labour disruptions in the country’s trucking and port servicing industries.