The presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, Atiku Abubakar, has expressed concern over the planned exit of pharmaceutical corporation GlaxoSmithKline (GSK) from Nigeria.
OsunDailyNG reports that GSK was incorporated in Nigeria in June 1971 and opened for operation in 1972, which means that the company has been operating in Nigeria for about 51 years.
In a statement on Thursday issued to the Nigerian Stock Exchange by its Secretary, Frederick Ichekwai, the company disclosed its plan to shut down operations in Nigeria.
The company added that it would stop producing prescription drugs and vaccines in Nigeria and would start using third-party direct distribution for its pharmaceutical products in the country.
Reacting to the development in a statement via his verified Twitter handle, Atiku said the planned exit of the pharmaceutical company showed how horrific the country is becoming for businesses.
The former Vice President lamented that the situation would further worsen the state of unemployment in Nigeria, stressing that many international firms are exiting Nigeria due to the harsh economic environment.
Atiku, therefore, advised that the government needs to do more to encourage foreign investors and revamp the country’s infrastructure, and improved fiscal, and monetary measures.
He 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.”
