Emzor boosts medicine self-sufficiency with €13.85m European Investment Bank financing deal

Pulse Mix 18:21 - 27 October 2023

L-R : Head of Site Operations, Emzor Pharmaceuticals Industries Ltd, Ashish Kumar Sehgal; CEO of APIFA, Frankline Keter; Project Finance Division, EIB, Arthur Delor; Communications Manager, West and Central Africa, Isabelle Vovor; Chairman of Emzor Pha...

Nigeria's leading indigenous pharmaceutical giant, Emzor Pharmaceutical Industries Limited, has signed a €13.85 million financing deal with the European Investment Bank to boost local production of Active Pharmaceutical Ingredients (API) thereby moving the nation closer to medicine self-sufficiency.

Nigeria's leading indigenous pharmaceutical giant, Emzor Pharmaceutical Industries Limited, has signed a €13.85 million financing deal with the European Investment Bank to boost local production of Active Pharmaceutical Ingredients (API) thereby moving the nation closer to medicine self-sufficiency.

The deal was consummated at the European Union-Nigeria Strategic Meeting which was held at the Presidential Villa on Thursday.

Seated L-R: Group Managing Director, Emzor Pharmaceutical Industries Ltd, Dr Stella C. Okoli, OON; Managing Director, Access Banking Plc, Roosevelt Ogbonna; Director for International Parteners, EIB Global, Diederick Zambon. Standing L-R: Chairman of Emzor Pharmaceuticals, Emeka Okoli; CEO of APIFA, Frankline Keter; Head of Regional Office for West and Central Africa, EIB, Roger Stuart, and some EU Ambassadors, at the official signing of a financing agreement for Emzor Pharmaceuticals at the Presidential Villa

Speaking at the meeting, the Honorable Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said, "Today marks yet another milestone in the annals of the EU-Nigeria development cooperation. The EU -Nigeria relations is one of the most vibrant development partnerships in terms of volume, thematic interventions, modalities and geographical spread in deployment of resources.

"The EU-Nigeria Strategic Dialogue is happening at the take-off of the current Administration in Nigeria and presents opportunities for proper articulation and consolidation of priorities in our partnership."

L-R: CEO of APIFA, Frankline Keter; Communication Manager, West and Central Africa, Isabelle Vovor; Group Managing Director, Emzor Pharmaceutical Industries Ltd, Dr Stella C. Okoli (OON); Investment Officer, Project Finance Division, EIB, Arthur Delor; and Chairman of Emzor Pharmaceuticals, Emeka Okoli, at the Emzor factory tour with officials of European Investment Bank (EIB)

The partnership with Emzor is a significant step towards accelerating treatments against malaria and healthcare access across Nigeria and the African continent and reducing the dependence on the importation of essential medicines.

Emzor boosts medicine self-sufficiency with €13.85m European Investment Bank financing deal

The funding is to specifically support the manufacture of Active Pharmaceutical Ingredients (API) in Nigeria, of which Emzor is a pioneer, with the company's API factory in Shagamu set to begin production of up to 400 metric tonnes per year of APIs by Q1 2024.

Emzor boosts medicine self-sufficiency with €13.85m European Investment Bank financing deal

The company’s API factory will produce artemether, lumefantrine, sulfadoxine and pyrimethamine.

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