Peter Gregory Obi, voiced deep concern about the announcement of GlaxoSmithKline's (GSK) withdrawal from Nigeria after 51 years of operation.

Peter Gregory Obi, the Presidential Candidate of The Labour Party, voiced deep concern about the announcement of GlaxoSmithKline's (GSK) withdrawal from Nigeria after 51 years of operation. 

"Today, I was saddened to hear that GlaxoSmithKline (GSK), is exiting Nigeria after 51 years of operation," he said. "Their reason for leaving Nigeria is even more disheartening; they no longer perceive a prospect for the country as a business environment that would be anchored on productivity."

He lamented the current economic climate in the nation, attributing it to poor management. "We have painfully come to that point in our nation's journey where multinationals are leaving the country and the local ones are closing down. These are some of the consequences of the cumulative poor management of our economy," Obi stated.

The exit of GSK, and other multinationals, according to Obi, means more job losses in a country where the poverty index is already worsening. "As a result, millions are losing their jobs and our poverty index is worsening, even though we're already being perceived as the world’s poverty capital."

The departure of these companies also means the loss of valuable training resources, which have significantly contributed to human capital development. "The multinationals that are leaving our country have not only created jobs but have created immeasurable training that contributed immensely to our human capital development over the years."

Obi highlighted the impact of GSK's departure, "GSK which has a manufacturing facility in Agbara, Ogun State on over 25 hectares of land had directly employed over 400 highly technical workers like pharmacists, microbiologists, biochemists, chemists, dentists, doctors etc, and also employed over 1000 other staff. It indirectly provided jobs and business opportunities for thousands of Nigerians across the nation. They are now leaving all these behind, and pushing more people back into unemployment."

In terms of solutions, Obi stressed the need to reorient the economy from a consumption-based model to one centered on production. "I have consistently maintained that in turning our nation around, we must move the economy from consumption to production, part of which included encouraging and supporting local and foreign investments, like GSK, in the country."

He concluded by expressing his vision for Nigeria, "The creation of an environment that creates and sustains multinationals to invest in our country is key to our dream of greatness. In the new Nigeria that we seek to create, the emphasis on production will encourage investors to stay and expand on our shores. Our people will keep their jobs and grow their prosperity."