Peter Obi Reacts to  Exit of Jubilee Syringe Manufacturing

Peter Obi, has described the exit from Nigeria of Jubilee Syringe Manufacturing (JSM), located in Awa, Onna Local Government Area of Akwa Ibom, the largest syringe manufacturer in Africa, as yet another painful development in Nigeria.

Obi expressed this via his X handle, yesterday, lamenting that the sad development, where multinational companies continue to exit Nigeria, should worry every concerned Nigerian.

” This ugly development contrasts the Government’s claim that the regime is attracting investors..

“I had earlier joined other Nigerians in lamenting the exit of some multinationals like GlaxoSmithKline, GSK; Procter and Gamble, P&G; Equinor ASA, and many others, and indeed many local businesses who have shut down over the same reason of not perceiving any prospect for the country as a business environment that would be anchored on productivity” he said. 

He further pointed out that the dire economic implications of such exits on the nation’s economy are grave.

” Aside the resulting jobs losses, its cost effects on the products they produce, worsening poverty index, capital flight, and loss of human assets, I am particularly concerned about the negative impacts of such exits on our health sector. 

“The combined effect of the exit of GSK, a giant pharmaceutical company, and now Jubilee Syringe Manufacturing (JSM) whose operations directly impacted on our loss of human assets, I am particularly concerned about the negative impacts of such exits on our health sector” he said. 

Seeing the harsh implications of this development Peter Obi emphasized, “We all look forward to and will focus on moving the nation from consumption to production, and from unproductivity to productivity. This will attract foreign and local investors, create jobs, and foster productivity and prosperity in the nation.”

Recall that JSM finalized its exit from Nigeria on 31st December 2023.

A memo signed by the company’s Managing Director, Akin Oyediran stated,

“We trust this message finds you in good health. With a heavy heart, we write to you today to communicate a challenging decision that Jubilee Syringe Manufacturing Company Limited has had to make due to unforeseen circumstances affecting our business operations.

“The challenging business environment we find ourselves in has compelled us to take these difficult steps. Please return all company belongings in your custody. Thank you for your understanding and cooperation during these challenging times.”

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