Labour Party’s Presidential Candidate Peter Obi Expresses Concern Over GSK’s Exit from Nigeria

Labour Party’s Presidential Candidate Peter Obi Expresses Concern Over GSK’s Exit from Nigeria

The 2023 presidential candidate for the Labour Party (LP), Peter Obi, has expressed deep concern over the recent announcement by pharmaceutical giant GlaxoSmithKline (GSK) to exit Nigeria.

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GSK, which has been operating in the country for over 50 years, disclosed its decision to discontinue the production of prescription drugs and vaccines in Nigeria.

Instead, the company plans to adopt a third-party direct distribution model for its pharmaceutical products within the country.

GSK’s Long History in Nigeria and Its Planned Exit

GSK has a long history in Nigeria, having been incorporated in June 1971 and commencing operations the following year.

However, after more than five decades of operations, the company recently made the decision to withdraw from the country’s pharmaceutical production landscape.

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Peter Obi’s Concern and Criticism of Nigeria’s Business Climate

Upon learning about GSK’s exit plans, Peter Obi expressed his concerns on social media platform Twitter.

He pointed out that the company’s decision to leave Nigeria was primarily due to the challenging business climate in the country.

This development, according to Obi, would have severe consequences for the economy and the workforce.

Negative Impact on Nigeria’s Economy and Job Market

Peter Obi emphasized the negative impact of GSK’s exit on the Nigerian economy, highlighting that it could lead to job losses for millions of citizens.

He lamented the fact that Nigeria already faces the grim reality of being perceived as the world’s poverty capital, and this move by GSK could worsen the situation.

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Contribution of Multinational Companies to Human Capital Development

In his series of tweets, Peter Obi acknowledged the vital role played by multinational corporations like GSK in enhancing the country’s human capital development.

These companies have not only created numerous job opportunities but also provided invaluable training for skilled professionals over the years.

The Urgent Need for an Attractive Business Environment

Obi stressed the importance of creating an enabling environment that fosters local and foreign investments in Nigeria.

He believes that encouraging and supporting investments from companies like GSK is crucial for shifting the nation’s economy from consumption-based to production-oriented.

Such a shift would ultimately lead to more investors staying and expanding their operations in Nigeria, contributing to the country’s growth and development.

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In summary, Peter Obi, the LP’s presidential candidate, expressed his concern over GlaxoSmithKline’s decision to exit Nigeria, attributing it to the challenging business climate and poor economic management.

He emphasized the significant contributions of multinational companies to Nigeria’s economy and called for measures to create a conducive environment that encourages investments and boosts local production.

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