Exit Of Jubilee Syringe Manufacturing Firm From Nigeria, Painful –Obi

The presidential candidate of the Labour Party (LP) in the 2023 presidential election, Mr. Peter Obi, has described the exit from Nigeria of the largest syringe manufacturer in Africa, Jubilee Syringe Manufacturing (JSM), located in Awa, Onna Local Government Area (LGA) of Akwa Ibom State, as yet another painful development in Nigeria.

Obi, who expressed this view yesterday in his X handle, lamented that the sad development where multinational companies continue to exit the country should worry every concerned Nigerian.

On the issue of the exit of the syringe manufacturer, Obi said: “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.

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

On the harsh implications of this development, Obi explained: “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.”‘

Jubilee Syringe Manufacturing said it temporarily shut down operations in Nigeria, blaming the decision on Forex challenges.

The company’s Managing Director disclosed this on Thursday, January 4, 2024, stating that the problem is due to Forex, import duties, and interest rates.