• Saturday, March 02, 2024
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Peter Obi decries exit of foreign firms from Nigeria

Peter Obi decries exit of foreign firms from Nigeria

… Says it’s ‘painful development on our national journey’

The Presidential Candidate of the Labour Party (LP) in the last year’s election, Peter Obi has bemoaned 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.
Obi said the development was yet another painful development on “our national journey.”

Reacting to the development in a chain of statements on his X handle (former twitter) Obi said: “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.”

According to the former governor of Anambra State, “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.”