Peter Obi, presidential candidate for the Labour Party, on Saturday, expressed deep concern over the reported closure of Jubilee Syringe Manufacturing (JSM), Africa’s largest syringe manufacturer, and the increasing trend of multinational companies leaving Nigeria.
In a statement, Obi called the JSM closure “yet another painful development on our national journey,” criticizing the stark contrast between the government’s claims of attracting investors and the reality of businesses departing. He likened the situation to previous exits of major companies like GlaxoSmithKline and Procter & Gamble, citing declining business prospects and a lack of productivity-driven growth as key factors.
He also expressed concern that businesses do not perceive Nigeria as a “productive” environment, citing the negative economic consequences of these exits.
“The dire economic implications of such exits on our national economy are grave,” Peter Obi stated. He pointed to job losses, rising product costs, worsening poverty, capital flight, and loss of skilled personnel as key concerns.
The impact on the healthcare sector is particularly worrying. With GSK, a major pharmaceutical company, already gone, the loss of JSM’s syringe production further weakens a critical area. “The combined effect of these exits will further stifle our health sector already on life support,” Peter Obi warned.
Obi’s statement reflects the growing anxieties about Nigeria’s business climate. The recent exodus of large companies raises questions about government policies, infrastructure, and regulatory frameworks. Concerns about security and political instability also contribute to the negative perception.
