• About
  • Advertise
  • Careers
  • Contact Us
Sunday, June 29, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home News

Nigeria: 54Gene, Lazarpay, Four other Local Firms that Shut Down in 2023

by Techeconomy
January 11, 2024
in News
1
Firms Shut down in Nigeria
Firms that Shut down in Nigeria in 2023

Firms that Shut down in Nigeria in 2023

UBA
Advertisements

Nigeria-based genomics startup, 54gene, once touted as a promising venture to improve global pharmaceutical research through valuable genome information on Africans, happened to be one of the six local firms that closed shop in 2023.

These companies faced lingering issues such as foreign exchange scarcity; inadequate power supply, port congestion, multiple taxation, insecurity, and deficient infrastructure have taken a toll on businesses, particularly in the manufacturing sector.

Amidst the closure of local companies, several foreign operators also announced their plans to exit Africa’s largest economies last year, including GlaxoSmithKline Consumer Nigeria, Equinor, Sanofi, Bolt Food, and Procter & Gamble.

The tough business environment has not spared indigenous companies, highlighting the need for support from the government.

In a release on Thursday, BusinessDay listed no fewer than six domestic firms that shut down in the last 10 months.

See the list below:

1. Mayor Biscuits Company Limited (MABISCO):

– Ceased operations in March.

– Established in 2016, with a manufacturing capacity of 3.5 tonnes per hour and over 300 distributors nationwide.

2. 54Gene:

– A genomics startup that shut down in September.

– Existed for four years, raising $45 million in three funding rounds.

3. Lazarpay:

– A web3 and crypto payment company that shut down in April after two years due to a lack of funds.

4. Jubilee Syringe Manufacturing Company:

– Inaugurated in 2017, it ceased operations in December, citing unforeseen circumstances affecting business operations.

5. DropX:

– A delivery-oriented startup founded in 2021, closed its operations in December amid challenging economic conditions for startups.

6. Okadabooks: 

– A pioneer in digital publishing and bookselling, shut down in November after 10 years, citing insurmountable challenges in the rough macroeconomic conditions.

As Nigeria grapples with economic challenges, the shut down of these companies raises concerns about the broader impact on local businesses and the need for measures to support their resilience and growth.

[Featured Image Credit]

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: 54GeneDropXJubilee Syringe Manufacturing CompanyLazarpayOkadabooks
Techeconomy

Techeconomy

Next Post
data.ai State of Mobile 2024 Report Indicates $362 Billion Ad Boom

data.ai State of Mobile 2024 Report Indicates $362 Billion Ad Boom

Comments 1

  1. Pingback: Managing Your Business' Finances - Tech | Business | Economy - TechEconomy.ng - Newshive: Uncovering the Latest Stories and Breaking News.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Unity Bank PLC

Unity Bank Posts N59.3B in Gross Earnings, Grows Deposits by 23% in 2023 FY

4 months ago

DPO Group obtains license to provide payments services in Nigeria

3 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.