Sam Pharmaceutical Limited has injected N6.2b to boost local drug production capacity, targeted at reducing the country's reliance on imported medicines

The boost in the drug production was driven by the firm's plant, located in Ota, Ogun State, meeting World Health Organisation (WHO) Good Manufacturing Practice (GMP) standards.

The project was financed with support from First City Monument Bank (FCMB) and the Bank of Industry (BoI).

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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.

During the commissioning, the Minister of State for Health, Adekunle Salako 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 of the National Agency for Food, Drug Administration and Control (NAFDAC), Prof. Mojisola Adeyeye, described the facility as a reflection of growing compliance with global standards in Nigeria's pharmaceutical sector.

Managing Director and Chief Executive Officer, 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.

Sam Pharmaceuticals Chairman and Chief Executive Officer, Amit Bhojwani said the new plant would scale production and position the company more strongly in Nigeria's branded generics market.