Bank of Industry (BoI) and First City Monument Bank (FCMB) have supported Sam Pharmaceutical Limited in launching a new manufacturing facility in Ota, Ogun State, southwestern Nigeria. The factory, which meets the World Health Organisation (WHO) Good Manufacturing Practice (GMP) standards, is expected to significantly boost local drug production capacity as the country works to reduce its dependence on imported medicines.
Facility capacity and financing
The plant has the capacity to produce over 400 million tablets, 50 million capsules, two million bottles of syrup, and one million pouches each month, according to the company. The project was financed through a partnership between FCMB and BoI. FCMB Managing Director and Chief Executive Officer, Yemisi Edun, stated that the bank provided a N3 billion term loan in collaboration with BoI, along with over N3.2 billion in working capital. She emphasized that the financing reflects the bank's commitment to supporting local manufacturing and strengthening critical sectors of the economy.
Government and regulatory support
Ogun State Deputy Governor, Noimot Salako-Oyedele, noted that the factory would create jobs and enhance economic activity in the state while improving access to essential medicines. The Director General of the National Agency for Food, Drug Administration and Control (NAFDAC), Mojisola Adeyeye, described the facility as a reflection of the growing compliance with global standards in Nigeria's pharmaceutical sector.
Background and impact
Nigeria has been actively working to boost domestic pharmaceutical manufacturing following supply chain disruptions during the COVID-19 pandemic, which exposed vulnerabilities in its import-dependent supply chain. The new factory is a step toward self-sufficiency in drug production and aligns with national efforts to enhance healthcare security.
