Syringe manufacturing firm explains reasons for closure, speaks on future operations in Nigeria

Jubilee Syringe Manufacturing (JSM) said it has temporarily shut down operations in Nigeria, blaming the decision on Forex challenges.

The company's Managing Director disclosed this on Thursday, January 4, 2024, stating that the problem is due to Forex, import duties, and interest rates.

The decision is just temporary TheCable reports that the JSM boss said the company is only shutting down temporarily to source funds and be back in business.

JSM is located in Awa, Onna, a local government area of Akwa Ibom, and Africa's largest syringe manufacturing company.

The company was inaugurated in 2017 by ex-Vice President Yemi Osinbajo and began operation three years later. In a memo to staff circulating in the local media, JSM said the move was necessary to ensure its long-term sustainability.

It told workers that the closure was regrettable and a challenging decision that needed to be made due to circumstances beyond its control. In a memo to staff members, JSM explained that it must implement temporary measures to ensure the firm's long-term sustainability.

Memo explains reasons for closure

The memo partly reads: "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 company's long-term sustainability."

It told workers they are being placed on temporary redundancy effective January 1, 2024. JSM joins a myriad of firms leaving Nigeria JSM closure joins the entourage of firms, especially critical companies shutting down in Nigeria, citing the challenging business environment.

In the two months leading to the end of 2023, two firms, GSK and Procter and Gamble, confirmed their exit from Nigeria. Others include Sanofi Aventis Nigeria Limited, a French firm that adopted a third-party product distribution model.