Elegbede Abiodun
With support from First City Monument Bank (FCMB) and the Bank of Industry (BoI), Sam Pharmaceutical Limited has opened a new manufacturing factory in southwestern Nigeria, expanding local drug production capacity as the country pushes to reduce reliance on imported medicines.
The plant, located in Ota, Ogun state, meets the World Health Organisation (WHO) Good Manufacturing Practice (GMP) standards and was financed with by FCMB and BoI.
The facility has the capacity to produce more than 400 million tablets, 50 million capsules, two million bottles of syrup and one million pouches each month, company said.
Nigeria has been seeking to boost domestic pharmaceutical manufacturing following supply chain disruptions during the COVID-19 pandemic that exposed vulnerabilities in its import-dependent supply chain.
Ogun State Deputy Governor, Noimot Salako-Oyedele, said the factory would support job creation and economic activity in the state, while improving access to essential medicines.
Director General of the National Agency for Food, Drug Administration and Control (NAFDAC), Mojisola Adeyeye, described the facility as a reflection of growing compliance with global standards in Nigeria’s pharmaceutical sector.
Managing Director and Chief Executive Officer, FCMB, Yemisi Edun, said the bank supported the project through a N3 billion term loan in partnership with the BoI, alongside more than N3.2 billion in working capital.
She said the financing reflects the bank’s focus on supporting local manufacturing and strengthening critical sectors of the economy.
