Nigeria: Obi Tasks FG To Urgently Reverse Exit Of Multinational Companies, Business Shutdowns

Former presidential candidate of the Labour Party in 2023 general elections, Peter Obi, has tasked the federal government to urgently reverse the increasing ugly trend of multinational companies exiting Nigeria.

Further, he urged the President Bola Tinubu led government to not only discourage more business shutdowns in Nigeria but also
encourage a high inflow of foreign direct investment and local investment in the nation.

Obi who is also a former governor of Anambra State, prescribed that this they can be achieved by “building a conducive environment that will encourage productivity and business growth.”

Obi who lamented the negative implications of the increasing business shutdowns in Nigeria, was reacting to the reported latest exit of Jubilee Syringe Manufacturing (JSM), located in Awa, Onna Local Government Area of Akwa Ibom.

According to Obi who attributed the ugly trend to poor management of the economy, “The dire economic implications of such exits on our national 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
national health, will further stifle our health sector already on life support. These sad developments are the results of poor management of our economy.”

The full text of Obi’s statement made public in his X handle (formerly Twitter) reads:

The reported exit from Nigeria of Jubilee Syringe Manufacturing (JSM), located in Awa, Onna Local Government Area of Akwa Ibom, the largest syringe manufacturer in Africa, is yet another painful development on our national journey.

This very 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.

The dire economic implications of such exits on our national 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
national health, will further stifle our health sector already on life support. These sad developments are the results of poor management of our economy.

The government must therefore turn around this ugly trend, to not only discourage more business shutdowns in Nigeria but also
encourage a high inflow of foreign direct investment and local investment in the nation. This they can do by building a conducive environment that will encourage productivity and business growth.

As I have consistently maintained, the New Nigeria, we all look forward to, 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. -PO