GlaxoSmithKline’s Exit, Bad Omen for Nigeria’s Business Environment, Atiku, Obi Lament

Meanwhile, the presidential candidate of the PDP in the 2023 general election, Atiku, and his counterpart in the LP, Obi have lamented the planned exit of British pharmaceutical giant, GlaxoSmithKline (GSK), from Nigeria after more than five decades of operation, saying the development was a sign that all is not well with the country’s business environment.

Both opposition figures reacted to the development through their various verified social media handles at the weekend.
Atiku wrote: “The planned exit of GlaxoSmithKline (GSK) from Nigeria after more than five decades of doing business in Nigeria underscores how horrific the environment has become for both local and foreign businesses. Sadly, many international firms have, in recent times, sold their assets and bid farewell to Nigeria after several years of operating in our country.

“These exits have led to further loss of jobs in an environment that is already bleeding jobs. We need to do a lot more not only to encourage investors to make Nigeria their preferred destination but also to encourage companies already operating in our land not to “japa.” To this end, we must revamp our infrastructure, endeavour to enthrone a sustainable regime of energy security, and retool our fiscal and monetary policy. -AA.”
Obi, who took to his verified Twitter handle to react to the news, said GSK’s reason to quit was even more disturbing as they no longer perceive a prospect for the country as a business environment that would be anchored on.

Obi described as saddening the exit of the pharmaceutical giant from Nigeria after 51 years of operations.
Obi in a series of tweets, yesterday said the company’s reason for leaving Nigeria portends a gloomy future for the country’s investment climate.
“Today, I was saddened to hear that GlaxoSmithKline (GSK), is exiting Nigeria after 51 years of operations.
“Their reason for leaving Nigeria is even more disheartening, that they are no longer perceiving any future growth of the country, which will be anchored on productivity.

The former Anambra State governor, noted painfully that Nigeria was at the point where multinationals are leaving the country and the local ones are closing down due to the consequences of poor management of the economy.
He noted that this has resulted in millions losing their jobs and poverty index worsening even as the country is already the world’s poverty capital.
“These multinationals leaving our country, not only create jobs but create immeasurable training that contributes immensely to our human capital development.
“GSK which has a manufacturing facility set up in Agbara, on over 25 hectares of land in Agbara, had directly employed over 400 highly technical workers like pharmacists, microbiologists, biochemists, chemists, dentists, doctors etc, and also employed over 1,000 other staff.
“It indirectly provided jobs and business opportunities for thousands of Nigerians across the nation. They are now leaving all these behind, and pushing more people back into unemployment.”

Obi recalled his consistent position that “in turning our nation around, we must move the economy from consumption to production, part of which included encouraging and supporting local and foreign investments, like GSK, in the country.”
He stressed the importance of creating an environment that creates and sustains multinationals to invest in the country, adding that “this is key to our dream of greatness. In the new Nigeria that we seek to create, the emphasis on production will encourage investors to stay and expand on our shores.”
GlaxoSmithKline Consumer Nigeria Plc had announced plans to shut down its operations in the country.
In a statement on Friday, the multinational company, whose primary activities include marketing and distribution of consumer healthcare and pharmaceutical products, said that its parent company, GSK Plc UK, had revealed its intent to cease commercialisation of its prescription medicines and vaccines through its Nigerian subsidiary.