Akwa Ibom-based Jubilee Syringe Manufacturing Company has shut down operations in the state.
The company, owned by a Turkish national, Onur Kumral is one of the several industries attracted to the state by the administration of Governor Udom Emmanuel.
Confirming the development to journalists, the Managing Director of the company, Akin Oyediran, said the shutdown was triggered by the harsh economic situation in the country.
According to him, “The economic issues have taken a toll on us as a company. We are working on different forms of financing and reorganisation. So, what we have decided to do is reorganise and then come back in the future.
“Import duties are high on raw materials, dollars is high, cost of power is high. We are trying to do something to invest in different sources of power to make it better, he added.
The shutting down of the Jubilee Syringe Manufacturing Company occurred about two years after the company owner, Kumral said that the company would start exporting syringes to Germany in 2021.
