Jubilee Syringe Manufacturing, JSM, has folded up business operations in Nigeria, saying the shutdown was triggered by “unforeseen circumstances affecting our business operations.”
President Bola Tinubu in December boasted that Nigeria is a top-level destination for investments.
He assured foreign investors and the international community that his administration is determined to “remove all cobwebs and anti-investment impediments” in the country.
Yet, two weeks after the high assurances, JSM has joined the list of companies that have left Nigeria after six years of operation due to the challenging economic conditions.
Though it had stopped production many months ago, it finally announced the end of operations on 31 December 2023, saying it had to implement temporary measures to ensure the long-term sustainability of the company.
In a memo addressed to all staff, a copy of which was made available to the press, the management of the company stated that all positions have been placed on temporary redundancy effective 1 January 2024.
“After careful consideration and a thorough evaluation of our current business situation, we regret to inform you that we must implement temporary measures to ensure the long-term sustainability of the company,” a part of the memo read.
The managing director of the company, Akin Oyediran, told Premium Times that JSM is confronted by enormous challenges.
“Import duties are high on raw materials, the dollar is high, cost of power is high,” he said.
The company’s departure was preceded by the exit of the likes of global pharmaceutical company GlaxoSmithKline (GSK), and American consumer goods giant Procter and Gamble (P&G), among others.
