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Nigeria, often considered a land of opportunity for multinational companies, faces another setback as Jubilee Syringe Manufacturing, the once-largest syringe manufacturer in Africa, officially shuts down its operations in Awa, Akwa Ibom state. This development has sparked discussions on the country’s business environment and its impact on foreign investment.

Owned by a Turkish national, Onur Kumral, Jubilee Syringe Manufacturing Limited succumbed to what it termed as “unforeseen circumstances affecting our business operations” as the primary reason for exiting Nigeria, delivering a significant blow to the local economy.

The announcement, conveyed through a memo to its employees, expressed the company’s struggle to sustain its operations amidst the challenging business landscape. The memo, signed by the Managing Director, Akin Oyediran, regretfully informed the workers about the temporary redundancy measures, citing the necessity to ensure the company’s long-term viability.

Regrettably, Jubilee Syringe Manufacturing’s closure comes on the heels of its aspiration to expand its market to Germany and the procurement of a substantial credit facility of $1 million, making its exit a surprising turn of events.

The Manufacturers Association of Nigeria, represented by its Director-General, Segun Ajayi-Kadir, attributed the trend of multinational companies exiting the country to the grueling business conditions, indicating that these companies are compelled to give up when the business environment becomes unsustainable.

This exit adds to the growing list of international firms, including Procter & Gamble, GlaxoSmithKline, Unilever Nigeria, and Sanofi-Aventis, that have recently disinvested from Nigeria. The departure of these companies amplifies the urgent need for reforms to create a favorable and sustainable business environment in Nigeria.

The departure of Jubilee Syringe Manufacturing from Nigeria serves as a poignant reminder of the pressing need for the Nigerian government and relevant stakeholders to address the challenges confronting the business environment, with the hope of retaining existing investments and attracting new ones in the future.