The Indian government has expressed investment confidence in Nigeria’s economy, with its Consul General, Shri Chandramouli Kumar Kern, saying the country was interested in working closely with Nigerian businesses.
Kern made the assertion during the inauguration of a multi-billion Naira pharmaceutical facility by Artemis Laboratories Limited in Ota, Ogun State.
Against the background of the exit of notable pharmaceutical companies from the country, the envoy said that the Nigerian market’s substantial size made it impossible for any sensible investor to overlook, despite the challenges.
A statement by the NAFDAC’s Resident Media Consultant Sayo Akintola quoted the envoy as saying that India is prepared to collaborate with Nigeria beyond merely exporting medicines to the country.
He said: “The intent is to work closely with Nigerian businesses, encouraging the establishment of numerous Indian manufacturing companies within Nigeria”.
He also revealed that another set of Indian investors had received approval to invest $25 million in the Nigerian economy.
He said there is a pressing need for local pharmaceutical manufacturing to meet the healthcare requirements of the Nigerian population.
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 utilized in other critical areas to foster the development of the Nigerian economy.
The Indian envoy further affirmed India’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.
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