In a landmark move poised to redefine the contours of Nigeria’s financial landscape, 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:
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.
