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. -AA
GSK to cease direct business in Nigeria amid economic pressure
Drugmaker does not specify reason but forex shortage has put pressure on multinationals
