Nigeria’s fragile economy has suffered yet another setback as global healthcare leader Johnson & Johnson Innovative Medicines prepares to withdraw from the country.
The decision, revealed by a source within the Commerce and Industry Correspondents Association of Nigeria (CICAN), highlights the worsening climate for multinational firms operating in Africa’s largest economy. Persistent inflation, foreign exchange shortages, escalating production costs, and erratic government policies were cited as the main drivers of the company’s exit.
Johnson & Johnson, long a supplier of essential pharmaceutical and medical products to Nigeria, has struggled to maintain operations in the face of these challenges. Over the past year, the company reportedly slashed its workforce by about 80%. Its Consumer Healthcare division had already exited in 2022, signaling deeper difficulties.
“This is not just about one company leaving,” the source noted. “When a healthcare leader like Johnson & Johnson cannot sustain operations in Nigeria, it sends a troubling message to international investors.”
The company’s exit is expected to create a major void in the healthcare supply chain, especially in areas such as oncology, immunology, and mental health, potentially restricting access to vital medicines for millions of Nigerians.
