ADVERTISEMENT
TechEconomy
Saturday, June 7, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

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

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

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

Firms that Shut down in Nigeria in 2023

RelatedPosts

QNET direct selling model

Understanding QNET Direct Selling Business Model  

June 4, 2025

How You Can Get Up to 50% Discount on Konga

June 3, 2025

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
Previous Post

Tribesquare is Bridging The Need for Software Development Services in Nigeria’s Emerging Startup Ecosystem

Next Post

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

Techeconomy

Techeconomy

Related Posts

QNET direct selling model
Commerce

Understanding QNET Direct Selling Business Model  

by Techeconomy
June 4, 2025
0

As individuals, we can all relate to recommending products we have used, liked and enjoyed to our family, friends and...

Read more
50% Discount on kOnga

How You Can Get Up to 50% Discount on Konga

June 3, 2025
Jumia Transforms Customer Experience with Sprinklr’s AI-Powered Platform | 13 Years

Jumia Marks 13 Years of e-Commerce Innovation in Nigeria

June 3, 2025
Nigeria NATEP

Nigeria Relaunches National Talent Export Programme (NATEP) to Unlock $1 Trillion Global Outsourcing Market

June 2, 2025
U.S., China Slash Tariffs in Surprise 90-Day Truce, Resetting Trade Divide

Why U.S. Tariffs Won’t Derail China’s Global Strategy

June 1, 2025
td africa Black Friday

Every Friday is Black Friday: TD Africa Turns Up the Heat on Tech Accessibility

May 27, 2025
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.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

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.