A government owned investment company in Osun State, Omoluabi Holdings, has made known its plan to commence local production of drugs and other pharmaceuticals in Nigeria.
Managing Director and Chief Executive Officer of the company, Taofeek Alimi, stated this while speaking with journalists at the weekend in Osogbo, the state capital.
Alimi said the move aimed to boost local capacity in pharmaceutical production and increase investment opportunities in medical-related businesses in the state.
He also stated that drugs would begin to be produced as soon as all technical and financial arrangements were concluded.
He said, “For the drug plant, yes, we have an agreement with an investor. Taking off was delayed due to forex volatility but now that the exchange rate has relatively stabilised, we’re seeing a resurgence in interest.
“So, we are looking at the next six months or maybe one year, then we should have something concrete on the ground there.”
Speaking on the delayed take off, Alimi explained that pharmaceutical plants require specialised machinery most of which are custom made and imported, noting that they could not simply be purchased off the shelf owing to their peculiarity.
He said, “These are machines that have to be specially designed for the purpose. You don’t just go to the market to buy them. The manufacturers have to come in, and they have already taken measurements of the location where the machines will be installed.”
The CEO added that measurable progress would be seen over the next few months, assuring the public that his agency was working hard to make large-scale drug production in the state a reality.
Alimi, who also spoke on protecting the interests of investors in the state, noted that appropriate laws aimed at safeguarding investors’ money were already in place.
“All agreements we make or plan to make with any investor are designed to guarantee that nobody comes in and changes policy at will. The law we have protects local and foreign investments in a way that builds confidence in our system,” he noted.
While commending the Osun state government for establishing Omoluabi Holdings to diversify the state’s economy, Alimi urged residents to take ownership of the company for sustainable growth.