Posted on August 7, 2023 09:55
GSK, which employs over 290 people in Nigeria, is well-known for its products, such as Augmentin, Neosporin and Panadol. REUTERS/Dado Ruvic/Illustration The company will exit Nigeria after 51 years of operations as foreign currency volatility undermines its business model. GSK said in June that widespread foreign exchange shortages in Nigeria were negatively impacting its operations. Soon after, the British multinational pharmaceutical and biotechnology company decided to exit the Nigerian market, which bodes ill for Africa’s largest economy.Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa.