The impending pullout of GlaxoSmithKline Plc from Nigeria, according to former vice president Atiku Abubakar, is a sign of the “horrific” economic climate in the nation.
GSK is responsible for a number of goods, including Theraflu, Advair, Neosporin, Panadol, Sensodyne, and Augmentin.
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GSK Nigeria revealed its intentions to suspend operations in a statement on Thursday after considering the pros and cons of switching the way its pharmaceutical products are distributed to a third party.
In response, Atiku stated on Saturday via his Twitter account that Nigeria needed to do more to attract foreign investors.
“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,” Atiku said.
“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.”
