- Contracts distribution to third party
Bayer has announced that it is shutting down its operations in Nigeria, Africa’s largest economy as it re-strategises its operation on the continent.
The pharmaceutical company said it would contract a third party to distribute its pharmaceutical products in Nigeria and three other African markets – Kenya, Ghana and Ethiopia.
The company which has 200 employees noted that the impact on jobs will be minimal.
It added that its exit will not impact its crop science division, which makes up 90% of the business.
Bayer will hand over the warehousing, distribution and sales representation of the medicines business, including for oncology and ophthalmology, to an unidentified third company beginning in May, it said.
The company did not say how many jobs would be affected, saying the process of identifying those roles was ongoing.
The move is similar to Britain’s GSK. The exit of GSK sent prices of their products off the roof in Nigeria, impacting end users, many of whom are struggling to survive in Nigeria’s dwindling economy.
Bayer AG is a German multinational pharmaceutical and biotechnology corporation that ranks among the world’s largest pharmaceutical and biomedical companies.
