GlaxoSmithKline’s Exit Sends Shockwaves Through Nigeria’s Economy

GlaxoSmithKline's Exit Sends Shockwaves Through Nigeria's Economy GlaxoSmithKline's Exit Sends Shockwaves Through Nigeria's Economy

Today, there’s deep concern and sadness in Nigeria as GlaxoSmithKline (GSK), a pharmaceutical giant, announced its decision to exit the country after 51 years of operation. This departure is a major blow to the nation’s economy, as it reflects the growing challenges faced by multinational companies in Nigeria.

The reason cited by GSK for leaving is disheartening, as they no longer see Nigeria as a viable business environment that can be anchored on productivity. This move highlights the cumulative poor management of the country’s economy, resulting in the closure of local businesses and the departure of international companies.

Peter Obi, a prominent figure, expressed his reactions to the news, stating that the departure of multinationals from Nigeria is a sign of the dire state of the nation’s economy. He emphasized the need to shift the economy from consumption to production, which includes encouraging and supporting local and foreign investments.

GSK’s presence in Nigeria had a significant impact on the nation’s job market and human capital development. Their manufacturing facility in Agbara, Ogun State, employed over 400 highly skilled workers and indirectly provided employment opportunities for thousands of Nigerians. Now, with their exit, many will lose their jobs, and the country’s poverty index is likely to worsen.

Obi emphasized the importance of creating an environment that attracts and sustains multinational investments in Nigeria. He believes that focusing on production will encourage investors to stay and expand their operations in the country, leading to job retention and economic growth.

The exit of GSK from Nigeria is a stark reminder of the urgent need for effective economic management and policies that foster a conducive business environment. To achieve greatness, Nigeria must prioritize productivity and encourage both local and foreign investments in the country. Only then can the nation’s dream of prosperity and growth become a reality.


Written by Nwokwu Chukwuemeka (Obinwannem News correspondent Ebonyi State) Date: July 05, 2023
Published by Ugwu Okechukwu (Obinwanne ndi Igbo)

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