The Federal Government of Nigeria has announced a significant milestone in its efforts to bolster local pharmaceutical manufacturing, revealing a $240 million investment secured from a Brazilian pharmaceutical company for the production of generic drugs within the country.
Muhammad Ali Pate, the Coordinating Minister of Health and Social Welfare, disclosed this during a press briefing in Abuja, highlighting the government’s commitment to driving local manufacturing initiatives. While Pate did not disclose the name of the pharmaceutical firm, he stated that at least three companies have expressed interest in investing in Nigeria’s pharmaceutical sector.
Pate emphasized the government’s progress in promoting local manufacturing, revealing plans for the establishment of two diagnostic companies and the launch of a manufacturing facility in Lagos by December 2024.
In addition to attracting foreign investment, Pate reiterated the government’s determination to prioritize locally-made products. He mentioned the proposed executive order aimed at reducing the high cost of medicines, which would incentivize the use of domestically-produced medical products and devices.
Expressing concern over Nigeria’s heavy reliance on imports for raw materials and medical equipment, Pate highlighted the government’s readiness to enforce the 5+5 policy of the National Agency for Food and Drug Regulation and Control. This policy mandates pharmaceutical firms to transition to local production after marketing drugs for five years. Pate expressed disappointment that some companies continued to market imported products without adhering to this policy, emphasizing the need for stricter enforcement measures.
The announcement signifies a significant step towards achieving self-sufficiency in pharmaceutical production and reducing Nigeria’s dependence on imported medicines, marking a pivotal moment in the country’s healthcare sector.
