Jubilee Syringe Manufacturing (JSM), has folded up operations in Africa’s largest economy, Nigeria, saying the shutdown was triggered by “unforeseen circumstances affecting our business operations.”
President Bola Tinubu in December boasted that Nigeria is a top-level destination for investments. He assured foreign investors and the international community that his administration is determined to remove “all cobwebs and anti-investment impediments” in the country.
Yet, two weeks after the high promises, JSM has joined the list of companies that have left Nigeria after six years of operation due to the challenging economic conditions. The company’s departure was preceded by the exit of the likes of global pharmaceutical company GlaxoSmithKline (GSK), and American consumer goods giant Procter & Gamble (P&G), among others.
The managing director of the company, Akin Oyediran, told local media that JSM is confronted with enormous challenges. “Import duties are high on raw materials, the dollar is high, and the cost of power is high,” he said.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
