The Federal Government says it has secured a $240 million investment from a Brazilian pharmaceutical for local manufacturing of generic drugs.
Muhammad Ali Pate, coordinating minister of health and social welfare, who made this known during a press briefing in Abuja, did not state the name of the pharmaceutical firm but added that at least three pharmaceutical firms have indicated interest in investing in Nigeria.
Pate stated that the government was making impressive progress to drive local manufacturing. He further informed that two diagnostic companies would be established; a manufacturing company in Lagos is expected to be launched in December 2024.
The minister, who reiterated the government’s resolve to prioritise local manufacturing, noted that the proposed executive order by the Federal Government to reduce the high cost of medicines would place a premium on imported products to drive the demand for locally-made medical products and devices.
He lamented Nigeria’s over-reliance on imports for raw materials and medical equipment. To reduce import, the minister expressed the readiness of the government to enforce the 5+ 5 policy of the National Agency for Food and Drugs Regulation and Control which stipulates that after pharmaceutical firms have marketed drugs for five years, they should domesticate their production. He expressed disappointment that companies exiting did not adhere to this policy but continued to market for five years without local production.
