Jubilee Syringe Manufacturing Company Folds Up

Jubilee Syringe Manufacturing (JSM) Company, the largest syringe manufacturing venture in Africa, has ended its operations and declared temporary redundancy due to unforeseen circumstances affecting its business operations.

The company, inaugurated in 2017 by former Vice President Yemi Osinbajo, announced its closure on December 31, 2022, stating it had to implement temporary measures to ensure the long-term sustainability of the company.

A memo addressed to all workers stated that all positions, including those in the company, have been placed on temporary redundancy effective January 1, 2024.

The decision is not a reflection of individual performance or dedication to the company, but a challenging business environment. The company’s managing director, Akin Oyediran, said that the company secured a $1 million credit facility due to the state government’s enabling environment for manufacturing sector growth.

The company plans to manufacture gloves, masks, and infusion sets in addition to syringes. Investors are investing $1 million in the company due to the level playing field and advantages provided by the state government.