An Akwa Ibom-based Syringe Manufacturing Company, named Jubilee, situated in former Governor Udom Emmanuel’s hometown, Awa-Iman, has ceased operations temporarily due to economic hardships in the country.
Owned by Turkish national Onur Kumral, the company cited high import duties on raw materials, a soaring dollar, and exorbitant power costs as significant hurdles.
Managing Director Akin Oyediran confirmed the shutdown, expressing intentions to restructure and return stronger in the future.
Oyediran acknowledged economic strains, stating,
“The economic issues have taken a toll on us as a company.” However, he refrained from predicting a timeframe for resumption, highlighting the uncertainties faced amid the prevailing economic climate.
Despite speculation about seeking government intervention, Oyediran clarified that the company is privately owned and has not sought assistance from the Akwa Ibom State Government.
He emphasized the company’s commitment to regroup, overcome challenges, and return with enhanced vigor.
This development follows earlier projections by Mr Kumral indicating the company’s ambition to double and eventually triple its production capacity by 2022.
However, the current economic situation has forced the temporary closure of operations, putting these growth plans on hold.
