INDIA EXPRESSES CONFIDENCE IN NIGERIA’S ECONOMY

The Indian government has expressed investment confidence in Nigeria’s economy, with its Consul General, Shri Chandramouli Kumar Kern, saying the country was interested in working closely with Nigerian businesses.

Kern made the assertion during the inauguration of a multi-billion Naira pharmaceutical facility by Artemis Laboratories Limited in Ota, Ogun State.

Against the background of the exit of notable pharmaceutical companies from the country, the envoy said that the Nigerian market’s substantial size made it impossible for any sensible investor to overlook, despite the challenges.

A statement by the NAFDAC’s Resident Media Consultant Sayo Akintola quoted the envoy as saying that India is prepared to collaborate with Nigeria beyond merely exporting medicines to the country.

He also revealed that another set of Indian investors had received approval to invest $25 million in the Nigerian economy.

He said there is a pressing need for local pharmaceutical manufacturing to meet the healthcare requirements of the Nigerian population.