Another International Company To Stop Operation in Nigeria

Another International Company To Stop Operation in Nigeria

  • More international manufacturing companies are leaving Nigeria amid forex challenges and high operation cost
  • The latest is Sanofi-Aventi Nigeria, the producer of polio vaccines for children, among several others
  • These are indeed challenging times for Nigerians looking to secure jobs in big companies as the economy continues to bite

Dave Ibemere has over a decade of experience covering tech, energy, stocks, investments, and the economy

Sanofi-Aventi Nigeria, a leading French pharmaceutical company, has decided to close its direct operations in Nigeria.

The company wants to adopt a third-party model to distribute its products in Nigeria from 2024.

Sanofi leaves Nigeria
Another company leaves Nigeria Photo credit: Sanofi
Source: Facebook

This was disclosed in a memo addressed to stakeholders and customers in the healthcare industry o titled "Sanofi adopts new business model in Nigeria", signed by the Country Lead, Folake Odediran, and sighted by pharmanewsonline.

Read also

Good news for Air Peace, others as Nigeria, Algeria get ready to sign direct flight agreement

PAY ATTENTION: Share your outstanding story with our editors! Please reach us through!

According to the memo, the global pharma company will embark on a transformative business model in Nigeria from February 2024.

The company explained that its new model will enable the commercialisation of Sanofi's portfolio of medicines by a yet-to-be-named third-party distributor.

Part of the letter reads:

“With effect from February 2024, our company will embark on an exciting transformation of its business model in Nigeria. In our new model, commercialization of Sanofi portfolio of medicines will be driven solely by a 3rd party soon to be named.
“The strategic move represents a significant milestone for our organisation and is driven by our commitment to continually improve access to our medicines and to better serve our patients and the Nigerian health system”.

Odediran further disclosed that the multinational pharma giant is already discussing with its employees, partners and major stakeholders to ensure a smooth and transparent transition process.

Read also

FG, NESG, other stakeholders synergise to improve Nigeria’s food safety standards

She said details of the new development will be provided in days ahead through media announcement, the Cable reported.

The memo added:

“We have commenced with our employees, partners and key stakeholders, to ensure full transparency. In the coming days, we will make public announcement through the media.
"However, we recognise that our relationship with stakeholders is paramount and we wish to share this information with you in advance."

The company products

Sanofi is one of the many companies that have announced changes in its operation in recent months or completely left Nigeria.

One of its popular products is vaccines for polio.

Lagos, Rivers in the list of 10 best states to start a business in Nigeria in 2024 and Why earlier examined the top 10 states in Nigeria to start a business. Some yardsticks used include the availability of skilled labour, suppliers, and resources for scaling.

Read also

“You need to listen”: Tinubu’s Govt reveals plans to achieve N500/$1 exchange rate soon

Here are the ten best cities to consider for starting a business in Nigeria in 2024.

According to the Brand Finance City Index 2023, Lagos is the fifth best African city with high desirability by people to live, work, and invest.


Online view pixel