adminreporter
In a move that underscores the deepening struggles of multinational companies in Africa’s largest economy, a global healthcare giant, Johnson & Johnson Innovative Medicines (J&J), is preparing to shut down its operations in Nigeria.
The planned exit, according to a reliable source disclosed to the Commerce and Industry Correspondents Association of Nigeria (CICAN), was due to Nigeria’s worsening economic climate, marked by soaring inflation, foreign exchange scarcity, rising production costs, and unpredictable government policies.According to the source, who chose to remain anonymous, Johnson & Johnson Innovative Medicines has supplied vital pharmaceutical and medical products to the Nigerian market, but the deteriorating business environment has now made operations unsustainable.
“Over the past year, they had reduced their staff strength to about 20%, shrinking significantly. In 2022, the Consumer Healthcare arm of the company had also quietly left the country.
“This is not just about one company leaving. When a healthcare leader like Johnson & Johnson cannot survive in Nigeria, it sends a worrying signal to other global investors.”
