The Indian envoy has lauded the Federal Government for approving their investments in Nigerian economy.
The Indian Consul General, Shri Chandramouli Kumar Kern, said that Indian manufacturers remain committed to investing in Nigeria.
He confirmed that the Nigerian market’s substantial size made it impossible for any sensible investor to overlook, despite the challenges.
The Indian Envoy conveyed this message during the inauguration of a multi-billion Naira pharmaceutical facility by Artemis Laboratories Limited in Ota, Ogun State.
He also revealed that another set of Indian investors had received approval to invest $25 million in the Nigerian economy.
According to him, there is a pressing need for local pharmaceutical manufacturing to meet the healthcare requirements of the Nigerian population. India is prepared to collaborate and emphasizes a commitment 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”, he state.
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 emphasized 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 added 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
He highlighted the journey of Artemis Laboratories Limited, stating that the company transitioned from importation to local manufacturing of pharmaceutical products.
However, he announced India’s readiness to fill the gap left by the exit of some major pharmaceutical companies from Nigeria, emphasizing that the Nigerian market holds immense importance and strategic value that cannot be overlooked.
Ambassador Kumar Kern acknowledged the substantial transformation in NAFDAC but encouraged the Agency 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.
Highlighting the challenge, he stated, ‘’Huge investments in machinery becomes unsustainable by having a small range of NAFDAC registered medicines. They need approval for a large number of products to be able to make it profitable’’
Echoing similar sentiments, Mr. Rajesh Gupta, the Group Managing Director of Artemis Laboratories Limited, emphasized that the substantial investments in the new plant mark a significant milestone in the group’s dedication to advancing healthcare and contributing to the well-being of Nigerian communities.