In a move to position itself as a Pan-African pharmaceutical leader, Neimeth International Pharmaceuticals is targeting the African market with its under-construction Anambra plant.
Speaking during a media parley, Valentine Chinedu Okelu, the company’s Managing Director, noted that the new plant being built in Amawbia, Anambra State, would be the company’s leverage into the African Continental Free Trade Agreement (AfCFTA). The project was touted as a “centre of excellence” for pharmaceutical research, development, manufacturing, and distribution.
Apart from the ongoing plant construction, Neimeth also recently concluded a modernisation of its Oregun plant. Okelu noted that the upgrade of the Lagos plant was in line with Good Manufacturing Practices, noting that the facility was also planned to expand.
Neimeth’s Oregun plant was completed in 1976, with Pfizer being the original occupant of the facility. However, in 1997, with Pfizer’s exit from the Nigerian market, Neimeth took over ownership of the facility.
In 2024, the company doubled its 2023 revenue, hitting N4.5 billion, as against N2.2 billion posted in 2023. However, it posted a net loss of N1.7 billion, an improvement of 38 percent from the N2.8 billion net loss posted in 2023. Although, the loss was driven by an FX loss of N2 billion.
To mitigate further losses, Okelu noted that the company ”is working to convert its foreign-denominated loans to Naira.”
He noted, “We’re working hard to shift our loans from foreign currencies to naira. This helps protect us from unpredictable currency swings. At the same time, we’re renegotiating payment deadlines for existing debts to free up cash and get back to making profits faster.”
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