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GSK: Experts fear more coys may exit Nigeria

todayAugust 9, 2023 12

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Operators have expressed fears of more foreign companies leaving the country, following the recent announcement of GlaxoSmithKline Consumer Nigeria Plc to shut down its operations in the Nigeria.

GSK, a company into research that developed and manufactured innovative pharmaceutical medicines, vaccines and consumer healthcare products, said its parent company, GSK Plc UK, revealed its intention to cease commercialisation of its prescription medicines and vaccines through its Nigerian subsidiary.

It would be recalled that in March, Unilever Nigeria, said it would be prioritising, “business continuity measures that reduce exposure to devaluation and currency liquidity,” after announcing a planned end to the production of its popular brands, including Omo, Sunlight and Lux.

The naira value had maintained a steady fall to the dollar, after the Central Bank of Nigeria announced the free flow of the exchange rates in the country in June.

Multinationals, had also, continued to decry their inability to repatriate their monies back to their countries.

The Association of Community Pharmacists of Nigeria, expressed displeasure at GSK’s exit.

Written by: EaglesFM

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