• Friday, September 29, 2023
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Jubilee Syringe attracts $100m investment for product diversification

Jubilee Syringe attracts $100m investment for product diversification

The Jubilee Syringe Manufacturing (JSM) Company in Akwa Ibom says it has attracted a $100 million investment to diversify into other medical consumables.

It added that it was also rebranding to become a wholly medical product manufacturing company.

Akin Oyediran, the managing director of JSM, who made this known in an interview, said the company will in addition to producing syringes, also manufacture gloves, masks and infusion sets.

“Our investors are bringing one million dollars into the company. And because of the level playing field and the advantages provided by the government of Akwa Ibom State, not only have we come in, we are doing other products,” he said.

Oyediran, who attributed this to the growing confidence of investors in the company, said the government has provided the enabling environment for the growth of the manufacturing sector in the state, which he said included a peaceful environment, good road network and power supply.

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“In terms of security, this is the most secured part of the Niger Delta. This is a peaceful state and we all know that no matter how rich a state may be, if there is no peace, there will be no business development.

Outside Abuja, Akwa Ibom has the best road network. Our company’s trucks can leave the factory and get to Kano within 72 hours whereas, if the company were to be in Lagos, it won’t get to Ibadan in 72 hours. Look at Ibom Air, I would not have come to this state without Ibom Air.

“In five years, I am predicting that Akwa Ibom will be a totally different place and the majority of the people will not be interested in working with the government but in the companies that are being attracted to the state.

“We have recruited 270 workers. Not only did we come into this environment, we are also growing. When we compare the scorecard with other states, Akwa Ibom has been recognised as an industrial state.”