The African Export-Import Bank (Afreximbank) has announced a grant of 400,000 U.S. dollars to assist Nigeria in establishing an active pharmaceutical ingredient plant, a move to enable the west African country to be self-sufficient in the production of pharmaceutical ingredients.
An Afreximbank statement reaching Xinhua on Monday said the grant to the National Institute for Pharmaceutical Research and Development(NIPRD) represents a significant proportion of the estimated funds required to implement the project.
Pharmaceutical manufacturing companies in Africa rely heavily on the importation of active pharmaceutical ingredients and excipients which are essential to formulate finished pharmaceutical products, said the statement.
The Afreximbank grant, according to the statement, will enable the NIPRD to produce active pharmaceutical ingredients locally in Nigeria, adding the NIPRD project is a “critical step toward Nigeria’s pharmaceutical independence and self-sufficiency”.
“In addition, the project includes the development of a contextual training program for pharmaceutical industry stakeholders, to ensure that key skills are acquired by industry players who represent the vanguard of essential medicine production on the continent,” the statement said.
According to the bank, financial support to the active pharmaceutical ingredient plant project will not only catalyze the security of the supply of medicines across Africa but also promote the industrialization of the pharmaceutical sector and the consequent creation of jobs and income. Enditem