Emzor Pharmaceutical Industries Limited has signed a 13.85 million euro finance deal with the European Investment Bank to boost local production of Active Pharmaceutical Ingredients (API).
The company stated that the deal moves the nation closer to medicine self-sufficiency.
The deal was consummated at the European Union-Nigeria strategic meeting which was sealed in Abuja.
Speaking at the signing ceremony, Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, said: “Today marks yet another milestone in the annals of the EU-Nigeria development cooperation. The EU-Nigeria relations is one of the most vibrant development partnerships in terms of volume, thematic interventions, modalities and geographical spread in the deployment of resources.
“The EU-Nigeria Strategic Dialogue is happening at the takeoff of the current administration in Nigeria and presents opportunities for proper articulation and consolidation of priorities in our partnership.”
The drug manufacturing firm added that the funding is to specifically support the manufacture of API in Nigeria, of which Emzor is a pioneer, with the company’s API factory in Sagamu set to begin production of up to 400 metric tonnes per year of APIs by the first quarter of 2024.
In her presentation, Group Managing Director of Emzor, Dr Stella Okoli, said infectious disease remained the top killer in Nigeria, and indeed, Sub-Sahara Africa.
“Malaria, which is a disease of focus for Emzor, is responsible for 60 per cent of all outpatient attendance and 30 per cent of all hospital admissions to facilities. While communicable diseases lay the bigger burden, there is also the emergence of non-communicable lifestyle diseases in Nigeria such as hypertension, diabetes, cancer etc. As such, the general out-of-pocket spending contributes up to 70 per cent of total health expenditures,” Okoli stated.
The Emzor chief noted that the partnership is a significant step towards accelerating treatments against malaria and healthcare access across Nigeria and the African continent, which would reduce the dependence on the importation of essential medicines.
On the objectives of the project, she said: “Setting up a factory to produce API for antimalarial products. Emzor produces anti-malarial FPP’s and is targeting API production as part of its growth strategy, backward integration and supply chain security. Also, help in part pioneer the mass production of APIs in Africa, ensuring commodity security and access to quality products across the continent.”
She revealed that while overall civil building works are about 83 per cent complete, most of the equipment and machinery are on site awaiting installation, which has already begun earlier this month October 2023.
