The exit of GlaxoSmithKline (GSK) Consumer Nigeria Plc, according to the Manufacturers Association of Nigeria, has decreased manufacturers’ confidence for the remainder of 2023.
Segun Ajayi-Kadir, the association’s director general, voiced concerns on the adverse impacts of the rising currency rate and projected increases in the cost of petroleum products on the country’s manufacturers during a recent appearance on Arise TV.
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He claimed that the remainder of 2023 will be difficult for manufacturers.
He said, “We have seen the exit of GSK and the reduction in the profile of some of our members. This has dampened the confidence of manufacturers for the rest of the year.”
Ajayi-Kadir acknowledged the possibility that more multinational manufacturers may follow GSK through the door, leading to job losses, but expressed hope that such outcomes could be avoided.
He added, “The expectation is that we wouldn’t go that route, even though everything is pointing in that direction. There are hard times awaiting manufacturers.”
