The latest valuation elevated Oando to the top 10 most-capitalised companies on the Nigerian stock exchange.
He stressed that it was cheaper to produce locally, noting that active pharmaceutical ingredients (APIs) and excipients are mostly imported by manufacturers.
Mr Alimi said that the exodus of multinationals from Nigeria raised concerns about the country’s business climate.
“Please note that all existing service contracts will also terminate for the store.”
Mr Obi said the exodus of multinational companies from Nigeria had cost the country N95 trillion in the past five years.
Guinness will join a long list of multinationals, like GlaxoSmithKline and Microsoft, that have left Nigeria, citing the harsh economic climate as making business unprofitable.
The removal of the fuel subsidy jerked prices from N190 per litre to N580 per litre, and often more, depending on the naira’s value in the foreign exchange market.
In 2019, Microsoft pledged to invest $100 million over five years to boost its two West African hubs.
Some of the steepest price changes were observed in essential analgesics like paracetamol and novalgin.
The prices of many prescribed and over-the-counter medications have steadily increased, making these drugs unaffordable and unavailable.
