Nigeria taking a jab at $7.5bn syringe market
Nigeria is taking a jab at the global and African syringe export market, as the N15billion ($35million) Jubilee Syringe Manufacturing (JSM) Company roles out its set of products next month (September).
Jubilee Syringe Manufacturing Company which sits on a 40,000 square meter (sqm) land area in Onna Local Government of Akwa Ibom State, will be commissioned in September by Acting President Yemi Osinbajo.
Osinbajo will be commissioning an Electric Metering Assembly Plant –Metering Solutions Manufacturing Services Limited, in the state the same day.
The estimated 350 –400 million syringes production per annum which Jubilee intends to start up with in Nigeria, far overshoots that of a company in South African Company which has a production capacity of 93 million, thereby making Jubilee Syringe the largest syringe manufacturing company on the entire African continent.
The global disposable syringe market is expected to reach $7.5billion (N2.6trillion) in 2022 according to Transparency Market Research. Disposable syringes are the most consumed medical devices in the world.
An estimated 39 billion units were sold in 2013, with market value of approximately $4.93billion. The disposable syringes market has been segmented into two major types: safety syringes and conventional syringes.
With projected annual earnings of about $15million (N5.5billion), Jubilee Syringe Manufacturing Company hopes to initially take 500 Nigerian youths off the congested labour market, with further commitment to grow the numbers.
The company’s position is to increase the ratio of its Nigerian labour force to 80percent, while 20percent goes to expatriates. The company had sent 12 Nigerians to Istanbul, Turkey, for advance training on key areas of injection machines. These 12 Nigerians were trained in the operation of Injection Moulding Machines, Maintenance of Moulds and Quality Control.
Zubeyir Gulabi, managing director, Jubilee Syringe Manufacturing Company, while conducting investment journalists round the factory, ahead of its commissioning, said the multimillion dollar investment was attracted into Nigeria, following the efforts of Akwa Ibom State government at various levels, to encourage foreign investors.
Gulabi said the company’s take-off success was further boosted by Akwa Ibom State Government’s commitment to improved security for people and businesses, simplified land allocation processes, and the Turkish investors’ readiness to leverage Nigeria’s growing market.
Jubilee Syringe Manufacturing factory is a 100 percent private investment, with the support from Akwa Ibom State Government in the area of good governance and economic policies, land used for the factory and the security of investment.
Gulabi said the investors’ stake and speedy execution of the project, define their readiness to encourage other foreigners who are still weighing entry into the Nigeria market.
In the investment and industry subsector, the Governor Emmanuel Udom led state economy has witnessed among others, the establishment of a toothpick and pencil industry; establishment of a syringe manufacturing company; establishment of an electric metering assembly plant, revitalisation of Peacock Paint Limited, investment in Coconut Plantation/Refinery, training of 45 youth on roofing and ceiling sheet manufacturing, in collaboration with Onna Youth Association, both of whom have partnered Eternit Nigeria Limited in the training.
Before now, Nigeria has been losing huge Foreign Exchange (FX) through the importation of some of these products which will now be substituted on take-off.
Charles Udoh, commissioner for information and strategy, told BusinessDay that within two years, the Akwa Ibom State Government has changed the narrative of empty campaign promises, with a paradigm shift to promises made and promises delivered.
He said the governor has set himself apart by delivering sustainable democratic dividends beyond expectations, to the people, despite dwindling resources, due to prevailing economic recession in the country.
Some of the delivered projects cut across roads and infrastructure, education, industrialisation, salaries and entitlements, agriculture, rural development, health, and youth empowerment and capacity building.