• Sunday, February 25, 2024
businessday logo


India to deepen investment in Nigeria’s pharmaceutical manufacturing

India to deepen investment in Nigeria’s pharmaceutical manufacturing

Shri Chandramouli Kern, the India Consul General, has announced India’s readiness to fill the gap left by the exit of some major pharmaceutical companies from Nigeria, emphasising that the Nigerian market holds immense importance and strategic value that cannot be overlooked.

Kern, affirmed that Indian manufacturers remain committed to investing in Nigeria. He asserted that the Nigerian market’s substantial size made it impossible for any “sensible investor to overlook, despite the challenges.

Read also: FG blames exit of pharmaceutical firms on Nigeria’s weak laws

The Indian envoy stated this during the inauguration of a multi-billion naira pharmaceutical facility by Artemis Laboratories Limited in Ota, Ogun State.

According to a statement on Sunday by Sayo Akintola, resident media consultant of the National Agency for Food and Administration and Control, the envoy disclosed that another set of Indian investors had received approval to invest $25 million in the Nigerian economy.

“There is a pressing need for local pharmaceutical manufacturing to meet the healthcare requirements of the Nigerian population. India is prepared to collaborate and beyond merely exporting medicines to Nigeria. The intent is to work closely with Nigerian businesses, encouraging the establishment of numerous Indian manufacturing companies within Nigeria.”

While acknowledging that certain life-saving drugs requiring extensive research might not currently be produced locally in Nigeria, he questioned the logic behind importing common medications like paracetamol. He emphasised that resources allocated to importing basic drugs such as paracetamol could be better utilised in other critical areas to foster the development of the Nigerian economy.

The Indian envoy affirmed his country’s support for NAFDAC’s 5+5 policy, designed to promote the growth of the manufacturing sector for the overall development of the Nigerian economy.

Meanwhile, the envoy has urged NAFDAC to address the request for an increased number of product registrations, particularly for investors engaged in local manufacturing of medical products. This, he explained, was crucial for ensuring the viability and sustainability of the substantial investments made in constructing the multi-billion Naira factory.

Rajesh Gupta, the group MD, Artemis Laboratories Limited, said the new factory was a strategic and longstanding commitment to advancing Nigeria’s pharmaceutical industries, fostering job creation, and facilitating technology transfer.

Read also: CFAO Healthcare expands collaboration with Sanofi to strengthen pharmaceutical distribution in Nigeria

Mojisola Adeyeye, the DG of NAFDAC, expressing her excitement, said: “This is a positive day for us in Nigeria.”

She lamented drug shortages and the departure of major pharmaceutical companies from Nigeria.