GlaxoSmithKline (GSK) has announced plans to leave Nigeria, raising concerns from Atiku Abubakar, the Peoples Democratic Party’s (PDP) presidential contender for the 2023 election.
According to Newsmen, GSK was established in Nigeria in June 1971 and began operations there in 1972, meaning that it had been doing business there for almost 51 years.
The company announced its intention to cease operations in Nigeria in a statement released to the Nigerian Stock Exchange by its secretary, Frederick Ichekwai, on Thursday.
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The business announced that it would discontinue manufacturing vaccines and prescription medications in Nigeria and instead switch to third-party direct distribution for its pharmaceutical goods there.
Atiku responded to the news by making a statement on his verified Twitter account, saying the pharmaceutical company’s intention to leave Nigeria was proof of how terrible the environment is for business in the nation.
The former vice president noted that the situation will make the unemployment rate in Nigeria even worse, pointing out that many foreign companies are leaving Nigeria because of the difficult economic climate.
As a result, Atiku suggested that the government take additional steps to attract international investors, upgrade the nation’s infrastructure, and implement better fiscal and monetary policies.
He wrote: “The planned exit of GlaxoSmithKline (GSK) from Nigeria after more than five decades of doing business in Nigeria underscores how horrific the environment has become for both local and foreign businesses.
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“Sadly, many international firms have, in recent times, sold their assets and bid farewell to Nigeria after several years of operating in our country.
“These exits have led to further loss of jobs in an environment that is already bleeding jobs. We need to do a lot more not only to encourage investors to make Nigeria their preferred destination but also to encourage companies already operating in our land not to ‘japa.
“To this end, we must revamp our infrastructure, endeavour to enthrone a sustainable regime of energy security and retool our fiscal and monetary policy.”
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