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Peter Obi, the presidential candidate of the Labour Party, expressed deep regret over the forthcoming departure of the renowned British pharmaceutical giant, GlaxoSmithKline (GSK), from Nigeria after a remarkable presence of 51 years.
Following the company’s recent announcement to cease its production of prescription medicines and vaccines in Nigeria, the multinational pharmaceutical company has stated its intention to adopt a third-party direct distribution model for its pharmaceutical products.
In a statement sent to the Nigerian Exchange Limited, the company expressed its decision to shift away from manufacturing within the country. This development has prompted a reaction from Obi, who took to Twitter on Friday night to express his dismay. He emphasized that the company’s departure from Nigeria is particularly disheartening, as it reflects their lack of confidence in the country’s potential as a productive business environment.
Obi further attributed these developments to the cumulative mismanagement of the economy over time, which has led to such outcomes.
As a result, millions of people are losing their jobs, exacerbating our poverty index and reinforcing the perception that we are the world’s poverty capital,” the post stated.
Furthermore, the author emphasized that the departure of multinational companies from our country not only leads to job losses but also hinders the significant contributions they made in training our human capital over the years.
Currently, these companies are leaving our shores one after the other. For instance, GSK, which operated a manufacturing facility in Agbara, Ogun State, on a vast expanse of 25 hectares of land, directly employed over 400 highly skilled workers, including pharmacists, microbiologists, biochemists, chemists, dentists, and doctors. In addition, they provided employment to over 1000 other staff members.
The situation is alarming, and it highlights the urgent need for policies and initiatives to attract investment and retain these multinationals in our country. Their departure not only affects employment opportunities but also deprives us of their valuable contributions to our human capital development. Taking immediate action to address this issue is crucial for the economic prosperity and well-being of our nation.
“GlaxoSmithKline (GSK) was incorporated in Nigeria in June 1971 and commenced business the following year. Over the years, it has indirectly provided jobs and business opportunities for thousands of Nigerians across the nation. However, recent developments have led to a concerning situation where many are leaving these opportunities behind, resulting in an increase in unemployment.
In addressing the challenges we face, I have consistently emphasized the need to transform our economy from consumption-oriented to production-focused. Encouraging and supporting both local and foreign investments, like GSK, in our country is an essential part of this transformation.
To realize our dream of greatness, it is crucial to foster an environment that attracts and sustains multinational investments in Nigeria. In shaping the new Nigeria we aspire to create, putting a strong emphasis on production will undoubtedly incentivize investors to not only stay but also expand their operations within our shores.”
The multinational pharmaceutical giant, originally established as Beecham upon its inception, has gained widespread recognition for its diverse array of products, including renowned brands such as Panadol, Ribena, Lucozade, Macleans, and Andrews Liver Salt, among an impressive lineup of other offerings.
