The Lagos Chamber of Commerce and Industry (LCCI)has expressed concerns over the recent decision by GlaxoSmithKline (GSK) to shut down its operations in the country, after 51 years, warning  that such decision would further hinder the growth potential of the nation’s economy.

 

The Chamber, in a statement, issued by its Director General, Dr. Chinyere Almona, recently, described the recent decision as one of the many multinational firms, in the country, had taken in recent years, with their resultant adverse effects on the economy.

 

 

The business advocacy group lamented that despite presenting international businesses with the largest market in the continent, Nigeria still suffers from worrying economic slow-down decisions, often induced  by the rising cost of doing business, epileptic power supply, and weak infrastructural backing, amongst others.

 

It  also noted  that GlaxoSmithKline’s decision critically reflects on the nation’s poor ranking on the ease of business measures, which, the Chamber argued, it has always complained about.

 

The Chamber therefore called on the government to take  appropriate actions to reverse the negative trends in the nation’s business environment,  by making cost an integral element of the profit equation; since investors will always look for cost-friendlier locations to do business.

 

“In the face of rising costs, businesspeople will likely search for cost-friendlier locations. The Chamber is inclined to suggest the government take a holistic view/ review of the business environment and take steps to make the nation’s business clime more competitive for growth,” the voice of the organized private sector stated.