Peter Obi, the Labour Party’s presidential candidate in the 2023 election, has expressed deep regret over the imminent departure of British pharmaceutical giant GlaxoSmithKline (GSK) from Nigeria, ending their 51-year presence in the country.
Peter Obi, highlighted that GlaxoSmithKline (GSK) made known their plans to discontinue prescription medicines and vaccine production in Nigeria, which subsequently led to their decision to leave the country.
The multinational pharmaceutical company related its plans to the Nigerian Exchange Limited through an official statement, with a hint of shifting towards a third-party direct distribution model for its pharmaceutical products.
Sharing his thoughts in a tweet on Friday night, Peter Obi expressed disappointment at the company’s stated reason, as it reflects their diminishing belief in the country’s business environment and its ability to support productivity.
Peter Obi balmed the cumulative mismanagement of our economy which he highlighted as the reason for these outcomes.
‘As a result, millions are losing their jobs and our poverty index is worsening, even though we’re already being perceived as the world’s poverty capital,’ the post read in part.
He further wrote, ‘The multinationals that are leaving our country have not only created jobs but have created immeasurable training that contributed immensely to our human capital development over the years.’
‘Now they are leaving our shores one after the other. GSK which has a manufacturing facility in Agbara, Ogun State on over 25 hectares of land had directly employed over 400 highly technical workers like pharmacists, microbiologists, biochemists, chemists, dentists, doctors etc, and also employed over 1000 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.’
‘I have consistently maintained 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.’
‘The creation of an environment that creates and sustains multinationals to invest in our country 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.’
In June 1971, GlaxoSmithKline was formally established in Nigeria, and it wasted no time in launching its business operations the following year.
Originally known as Beecham upon its incorporation, the multinational pharmaceutical company has gained widespread recognition for its popular products, including Panadol, Ribena, Lucozade, Macleans, and Andrews Liver Salt, among others.