The Bank of Industry (BOI) is offering more lines of credit and other sector-defined interventions for the benefit of more Pharmaceutical companies seeking World Health Organization (WHO) pre-qualification certification as part of its support to re-energize local drug manufacturing in the country.
The Managing Director and Chief Executive Officer (MD/CEO) of the Bank, Rasheed Olaoluwa disclosed this at the weekend in Lagos when he led management of the Bank to tour the production plants of two leading drug manufacturers, May and Baker Nigeria Plc and Swiss Pharma Nigeria Limited, which have recently benefitted from such facilities and have attained the WHO prequalification status.
The MD who expressed satisfaction with the achievements of the two companies said through the line of credit offered the manufacturers; they were able to attain the World Health Organisation (WHO) prequalification for current Good Manufacturing Practices (cGMPs), which subsequently positioned them for WHO pre-qualification of their products.
Olaoluwa, also noted that the time is ripe for the country’s drug manufacturers to be repositioned so as to favourably compete in international bidding processes for medicines supplies, especially in relevant global health programmes.
According to him the two companies which have benefitted from the credit facility offered by the Bank are now producing quality products which can now pass WHO pre-qualification thus making them export-worthy, hence positioning Nigeria for a huge international pharmaceutical market, where countries like the US, Germany, China, and India currently hold sway.
His words: “Two years ago, the Bank of Industry granted credit facility to indigenous pharmaceutical companies including Swiss Pharmaceutical Company and May & Baker Nigeria Plc, to upgrade their plant with a view to becoming certified by the WHO, in respect to the cGMPs which is an international code.”
