FCMB, BoI Fund Pharma Expansion With N6bn Package

First City Monument Bank (FCMB) and the Bank of Industry (BoI) have provided over N6 billion in financing to support the expansion of local pharmaceutical manufacturing, reinforcing efforts to strengthen Nigeria’s healthcare supply chain and reduce dependence on imported medicines.

The funding supported the development of a new manufacturing facility by Sam Pharmaceutical Limited in Ota, Ogun State.

The plant, built to meet World Health Organisation (WHO) Good Manufacturing Practice (GMP) standards, significantly expands the company’s production capacity and aligns with national goals to boost domestic drug manufacturing.

Managing Director and Chief Executive Officer of FCMB, Yemisi Edun, said the bank contributed a N3 billion term loan in partnership with BoI, alongside more than N3.2 billion in working capital to support the project.

She noted that the financing reflects FCMB’s strategic focus on supporting local manufacturing and strengthening critical sectors of the economy.

“This intervention underscores our commitment to Nigeria’s real sector, particularly in areas that have direct impact on public health and economic resilience,” Edun said.

The facility has the capacity to produce over 400 million tablets, 50 million capsules, two million bottles of syrup, and one million pouches monthly, positioning Sam Pharmaceutical to scale operations and deepen its footprint in the country’s branded generics market.

The expansion comes as Nigeria intensifies efforts to localise pharmaceutical production following supply chain disruptions experienced during the COVID-19 pandemic, which exposed vulnerabilities in the country’s heavy reliance on imported medicines.

At the commissioning, Minister of State for Health, Adekunle Salako, said the project aligns with the Federal Government’s push to enhance local drug production capacity and improve access to essential medicines.

Ogun State Deputy Governor, Noimot Salako-Oyedele, described the facility as a boost to economic activity and job creation in the state, while the Director General of the National Agency for Food, Drug Administration and Control (NAFDAC), Mojisola Adeyeye, said it reflects increasing compliance with global standards in Nigeria’s pharmaceutical sector.

Chairman and Chief Executive Officer of Sam Pharmaceuticals, Amit Bhojwani, said the new plant would enable the company to scale production and better position itself within Nigeria’s growing pharmaceutical market.