FCMB, BoI Fund N6.2bn WHO-Standard Pharma Factory

First City Monument Bank (FCMB) and the Bank of Industry (BoI) are backing a N6.2 billion pharmaceutical factory project in Ota, Ogun State, aimed at meeting World Health Organization (WHO) standards. The facility will have the capacity to produce 400 million tablets, 50 million capsules, two million bottles of syrup, and one million pouches monthly.

The project is supported by a N3 billion term loan from FCMB in partnership with BoI, alongside N3.2 billion in working capital. The initiative aligns with the Nigerian government's strategy to expand local pharmaceutical production and reduce reliance on imports.

Minister of State for Health, Adekunl Salako, emphasized the project's role in job creation and improving access to essential medicines. Ogun State Deputy Governor Noimot Salako Oyedele highlighted the economic benefits, while NAFDAC Director General Prof.

Mojisola Adeyey noted the facility's compliance with global standards. Amit Bhojwani, Chairman and CEO of Sam Pharmaceuticals, expressed confidence in the new plant's potential to strengthen Nigeria's pharmaceutical brand in the market.