FCMB, BOI finance Sam Pharmaceuticals’ new factory
Sam Pharmaceutical Limited has opened a new manufacturing facility in southwestern Nigeria, expanding local drug production capacity as the country pushes to reduce reliance on imported medicines. The plant, located
Sam Pharmaceutical Limited has opened a new manufacturing facility 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 World Health Organisation (WHO) Good Manufacturing Practice (GMP) standards and was financed with support from First City Monument Bank (FCMB) and the Bank of Industry (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, according to the company.
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.
Minister of State for Health, Adekunle Salako, said at the commissioning that the project aligns with the government’s drive to expand local pharmaceutical production and reduce reliance on imports.
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, 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, First City Monument Bank, Yemisi Edun, said the bank supported the project through a N3 billion term loan in partnership with the Bank of Industry, 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.
Chairman and Chief Executive Officer, Sam Pharmaceuticals, Amit Bhojwani said the new plant would scale production and position the company more strongly in Nigeria’s branded generics market.
Founded in 1971, Sam Pharmaceutical Limited produces more than 120 NAFDAC-approved medicines and operates in Ilorin, Kwara State, and Ogun State.
