Peter Obi Speaks On Exit Of Largest Syringe Coy In Africa From Nigeria

By The Evangelist News edition, Saturday, January 6, 2024. Admin

Mr. Peter Obi, Labour Party (LP) Presidential Candidate
Peter Obi speaks on exit of largest syringe coy in Africa from Nigeria
Global Patriot Staff 11 hours ago Local, News Leave a comment 12 Views

Presidential candidate of the Labour Party (LP) in the 2023 general election, Mr. Peter Obi has described the recent exit from Nigeria of Jubilee Syringe Manufacturing (JSM) as painful, noting that the dire economic implications of the shut down of the company and others before it on the national economy are grave.

Mr. Obi, former Governor of Anambra State, pointed out that the exit from Nigeria of the largest syringe manufacturer in Africa, located in Awa, Onna Local Government Area of Akwa Ibom, would result in job losses, cost effects on the products of the company, worsening poverty index, capital flight, loss of human assets and negative impacts on the health sector.

He recalled that he “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.”

He pointed out that “this very sad development, where multinational companies continue to exit Nigeria, should worry every concerned Nigerian,” insisting that “this ugly development contrasts the Government’s claim that the regime is attracting investors.”

Obi stressed that “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,” noting that “these sad developments are the results of poor management of our economy.”

He contended that “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.”