In furtherance of its sustained efforts to boost foreign direct investment (FDI) inflows into the country, the Federal Government has given approval to some Indians to invest new $25 million into the Nigerian economy.
The India Consul-General to Nigeria, Shri Chandramouli Kumar Kern, gave this hint during the inauguration of Artemis Laboratories Limited’s new pharmaceutical facility in Ota, Ogun State.
A statement by the Resident Media Consultant of the National Agency for Food and Drug Administration and Control (NAFDAC), Mr. Sayo Akintola, quoted the Indian envoy as underscoring the strategic importance of Nigeria as a vibrant market with untapped potential for Indian and other foreign investors.
The latest investment in the nation’s economy is coming at a critical moment when some foreign companies are exiting the Nigerian pharmaceutical sector.
The NAFDAC’s media consultant further clarified: “Despite the exit of notable pharmaceutical companies, Shri Chandramouli Kumar Kern, the India Consul General, affirmed that Indian manufacturers remained committed to investing in Nigeria.
“He asserted that the Nigerian market’s substantial size made it impossible for any sensible investor to overlook, despite the challenges.
“The Indian Envoy conveyed this message during the inauguration of a multi-billion Naira pharmaceutical facility by Artemis Laboratories Limited in Ota, Ogun State.
“He also revealed that another set of Indian investors had received approval to invest $25 million in the Nigerian economy”, Akintola added.
Industry analysts believe that the new $25 million investment by Indian investors is a demonstration of their confidence in the nation’s pharmaceutical industry in terms of investment returns and is expected to encourage more investments into the industry.
It would be recalled that the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, had earlier stated that Indian investors were committed to inject $14 billion into Nigeria’s economy, which currently has over 150 Indian companies engaging in one business or the other in key sectors of the economy.
Interestingly, the Indian High Commissioner to Nigeria, Mr Gangadharan Balasubramanian, last Friday during the 75th Republic Day celebrations confirmed that the Nigerian Government recently sealed a $7 billion investment deal with India as part of its efforts to attract foreign investment into the country.
