Indian investors have received the green light to channel $25 million into the Nigerian economy. This development was disclosed by Shri Chandramouli Kumar Kern, the India Consul General to Nigeria, at the inauguration of Artemis Laboratories Limited’s new pharmaceutical facility in Ota, Ogun State.
According to a statement by Sayo Akintola, resident media consultant of the National Agency for Food and Drug Administration and Control (NAFDAC), the Indian envoy to Nigeria underscored the strategic importance of Nigeria as a vibrant market with untapped potential.
This investment comes at a crucial juncture as the Nigerian pharmaceutical sector witnesses the withdrawal of several international players.
Contrary to this trend, Indian investors showcase unwavering confidence in Nigeria, committing substantial resources to bolster local manufacturing capabilities.
The statement read “Despite the exit of notable pharmaceutical companies, Shri Chandramouli Kumar Kern, the India Consul General, affirmed that Indian manufacturers remain committed to investing in Nigeria.
“He asserted 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.”
Enhancing Local Manufacturing Capabilities
Beyond the financial infusion, Indian investors are advocating for a conducive regulatory environment that encourages investment and innovation in the pharmaceutical sector.
There is a pressing call for regulatory bodies like NAFDAC to streamline processes, making it easier for new products to reach the market swiftly.
Such reforms are crucial for the success of ventures like Artemis Laboratories, which promises not only to meet the immediate health needs of Nigerians but also to drive economic growth through job creation, skill development, and technology transfer, according to the statement.
The $25 million investment by Indian investors stands as a testament to the potential they see in Nigeria. This venture is expected to catalyse further investments, paving the way for Nigeria to become a hub for pharmaceutical innovation and manufacturing in Africa.
The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, earlier revealed that Indian investors were prepared to inject $14 billion into Nigeria’s economy.
In a statement, Uzoka-Anite noted Nigeria is home to approximately 150 Indian companies, many of which are strong household names in the country.
She pointed out that Nigerians had embraced Indian companies such as Bharti Airtel, Tata, Stallion Motors, Churchgate Indorama and others.
Also, the Nigeria Federal Government recently secured a $7 billion investment deal from India as part of the government’s effort to attract foreign investment into the country.
Mr. Gangadharan Balasubramanian, the Indian High Commissioner to Nigeria, revealed the signing during the 75th Republic Day celebrations on Friday night.
As Nigeria expects these investments, India is projected to become the country’s largest trade partner in the coming decade, according to a report by Standard Chartered and its partners.
The growth in exports to India will be driven by products such as crude oil and natural gas, metals, and agricultural produce.