Largest syringe manufacturer exits Nigeria due to

Largest syringe manufacturer exits Nigeria due to 'unforeseen circumstances affecting business operations

Jubilee Syringe Manufacturing, once considered the largest syringe manufacturing enterprise in Africa, has officially closed operations in Awa, Onna Local Government Area of ​​Akwa Ibom.

The company, which opened an operation in Nigeria's south-south Awa region in Onna Local Government Area of ​​Akwa Ibom State and was inaugurated in 2017 by former Vice President Yemi Osinbajo, said the decision to leave Nigeria was made following “unforeseen circumstances that affected our business operations.”

Owned by a Turkish national, Onur Kumral, Jubilee Syringe Manufacturing Limited was one of several industries attracted to Akwa Ibom State by the administration of Governor Udom Emmanuel.

A memo announcing the departure was addressed to the company's workers. The company had ceased production a few months ago, but officially announced that its operations would cease on December 31, 2022.

Titled “Temporary Redundancy – Service Not Required Until Further Notice”, the memorandum was signed by the company’s Managing Director, Akin Oyediran.

He stated that he had “to implement temporary measures to ensure the long-term sustainability of the company”.

The memo said in part: “We trust this message finds you in good health. With a heavy heart, we write to you today to communicate a challenging decision that Jubilee Syringe Manufacturing Company Limited has had to make due to unforeseen circumstances that have affected our business operations.

“After careful consideration and a thorough assessment 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.

“Unfortunately, this includes placing all positions, including yours, on temporary layoff starting January 1, 2024. We want to emphasize that this decision is not a reflection of your individual performance or dedication to the company. The challenging business environment we find ourselves in has forced us to take these difficult measures. Please return all company belongings to your custody. Thank you for your understanding and cooperation during these challenging times.”

The company's decision to close its factory came two years after it announced plans to export its products to Germany.

It also came less than a year after the company's Managing Director, Oyediran, said the company had secured a $1 million credit line.

Meanwhile, the Nigerian Association of Manufacturers has blamed the current business environment for the continued exit of multinational companies, including the latest exit of Jubilee Syringe Manufacturing.

The Director-General of the Nigerian Association of Manufacturers, Segun Ajayi-Kadir, said companies leaving Nigeria have been pushed to “breaking point”.

He said: “The reason why businesses are closing is self-evident. It's just a question of resilience. When you reach the limit, you will have to give up because of the work environment.”

Source: www.lindaikejisblog.com

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