The economic downturn in the country has taken another casualty. This time, Jubilee Syringe Manufacturing Company, an Akwa Ibom State based company owned by Turkish businessman, Onur Kumral.

The company’s Managing Director, Akin Oyediran, announced on Wednesday, January 3, 2024 that it has shut down operations in Awa-Iman, Onna, Akwa Ibom State.

He explained that the company had ceased operations some months ago and only officially laid their staff off on Monday, January 1, 2024, but stated that the company will reopen stronger and better.

“I can confirm to you that we have officially shut down our operations. We intend to open it back stronger and better.

According to Oyediran, the company, which was one of the industries brought to the state by the former Governor, Udom Emmanuel in 2017 has suffered multiple setbacks due to the unfortunate economic condition of the country.

He explained that the exchange rate of the Naira to the Dollar had greatly affected the cost of import duties on materials and over time, this caused a decline in the finances of the company.

“The economic issues have taken a toll on us as a company. We are working on different forms of financing and reorganization so what we have decided to do is reorganize and come back stronger in the future.”

“Import duties are high on materials, dollar is high, cost of power is high. We are trying to do something to invest in different sources of power in order to make our job easier for us.”

The managing director clarified that the company was not a state owned company and as such, the Akwa Ibom State Government did not owe them any form of intervention.