Obi regrets GSK’s decision to leave Nigeria and blames poor economic leadership

These are some of the effects of our economy’s cumulatively terrible management, he claims.

Peter Obi, the Labour Party’s nominee for president in the 2023 election, expressed concern over GlaxoSmithKline’s (GSK) impending departure from Nigeria after 51 years of operations.

This comes after the business announced plans to stop producing vaccines and prescription drugs in the nation.

The international pharmaceutical business announced it would switch to a third-party direct distribution approach for its pharmaceutical products in a statement made to the Nigerian Exchange Limited.

In a tweet on Friday night, Obi responded to the news, saying that the company’s decision to leave Nigeria was made all the more disappointing by the fact that they no longer see Nigeria as having a promising future as a productive business climate.

These are some of the effects of our economy’s cumulatively terrible management, he claims.

In spite of the fact that we are already regarded as the world’s poverty capital, millions of people are losing their employment as a result, and our poverty index is getting worse.

“The multinationals that are leaving our country have not only created jobs, but they have also created immeasurable training that has greatly aided our development of human capital over the years,” he continued.

“At this time, they are departing our beaches one by one. GSK, which operates a manufacturing facility in Agbara, Ogun State on more than 25 hectares of land, employed around 400 highly technical people directly in addition to over 1000 other staff members. These workers included chemists, microbiologists, biochemists, chemists, dentists and doctors.

“It indirectly gave thousands of Nigerians throughout the country jobs and business prospects. As they leave all of things behind, more individuals are being forced back into unemployment.

“I have long insisted that in order to turn around our country, we must shift the economy from one of consumption to one of production, which meant promoting and supporting both domestic and foreign investments, such as GSK, in the nation.

“Our dream of greatness depends on creating a climate that attracts and keeps global corporations interested in investing in our nation. The focus on production in the new Nigeria that we are trying to build would entice investors to remain and grow here.

Incorporated in Nigeria in June 1971, GlaxoSmithKline opened for operation the following year.

The international pharmaceutical organisation, which was originally incorporated under the name Beecham, is well-known for a variety of goods, including Andrews Liver Salt, Ribena, Lucozade, and Panadol.