Peter Obi, a former Governor of Anambra State/ LP Presidential Candidate, called on the federal government “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’ s his reactions to the exit of Jubilee Syringe Manufacturing (JSM) (the largest syringe manufacturer in Africa), describing it as ” yet another painful development on our national journey.”
Obi, on his X handle today, tweets that the government can halt the trend by building a conducive environment that will encourage productivity and business growth.
He notes that this very sad development, where multinational companies continue to exit Nigeria, should worry every concerned Nigerian.
” 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.
” The dire economic implications of such exits on our national economy are grave.
” Asides 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.
Asides the resulting jobs losses, its cost effects on the products they produce, worsening poverty index, capital flight, and loss of human assets
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.
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. -PO.”