Amidst the departure of pharmaceutical giant GlaxoSmithKline (GSK) from Nigeria after 51 years of operation, Peter Obi, the presidential candidate of the Labour Party, has voiced deep concern over the implications for the country’s business environment and economic prospects.
In a statement on his official X (formerly Twitter) handle, Obi lamented GSK’s reasons for leaving, citing a lack of prospects for Nigeria as a business environment grounded in productivity. This departure has raised questions about the consequences of mismanaged economic policies, as both foreign and local companies are now facing closure.
The ramifications of GSK’s exit extend far beyond economic considerations. Thousands of Nigerians who indirectly benefited from GSK’s presence in the country are now facing uncertain futures.
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Peter Obi’s stressed the urgent need to shift Nigeria’s economy from a consumption-driven model to one focused on production. He stated that fostering an environment conducive to attracting both local and foreign investments is crucial for the country’s journey towards greatness.
By encouraging investors to stay and expand within Nigeria, Obi believes that the nation can safeguard jobs, enhance prosperity, and unlock its true potential. His vision revolves around creating a climate that appeals to multinational companies, ensuring they see Nigeria as a viable destination for their business ventures.
However, GSK’s departure serves as a wake-up call for the government and policymakers to reevaluate their economic strategies. Obi’s plea for effective management of economic policies echoes the need to address the challenges that drove GSK away and prevent further departures.
Ultimately, the departure of GSK and other multinational corporations highlights the urgency of nurturing a business-friendly environment that promotes sustainable growth, job creation, and the development of Nigeria’s human capital.