Vice President Yemi Osinbajo yesterday commissioned the N15billion Jubilee Syringe company in Onne local government area of Akwa Ibom State, saying the factory will improve the health care delivery of Nigerians.
According to the VP, the federal government will support the state in ensuring that the over 400 capacity of the factory are increased to one million.
Jubilee Syringe Manufacturing Company is N15billion ($35million) syringe manufacturing company which sits on a 40,000-square meter (sqm) land area in Onna local government of Akwa Ibom State.
The estimated 350 to 400 million syringes production per annum far overshoots that of a company in South Africa which has a production capacity of 93 million, thereby making Jubilee Syringe the largest syringe manufacturing company on the entire African continent.
The global disposable syringe market is expected to reach $7.5billion (N2.6trillion) in 2022, according to Transparency Market Research, just as disposable syringes are the most consumed medical devices in the world.
An estimated 39 billion units were sold in 2013, with market value of approximately $4.93billion. The disposable syringes market has been segmented into two major types: safety syringes and conventional syringes.
With projected annual earnings of about $15million (N5.5billion), Jubilee Syringe Manufacturing Company hopes to initially take 500 Nigerian youths off the congested labour market, with further commitment to grow the numbers.