Chinese Pharmaceutical Firms Eye Market Chances in Nigeria

By The Nigerian Voice

Representatives of leading Chinese pharmaceutical firms are in Nigeria to explore chances of cooperation with local partners.

A Chinese delegation, led by Tan Shengcai, secretary general of the China Chamber of Commerce for Import and Export of Medicines and Health Products (CCCMHPIE), on Tuesday attended a forum in Lagos, Nigeria’s economic hub, to acquaint themselves with the market potential of the west African country.

The visit will provide the delegation an opportunity to meet Nigerian counterparts to work on ways of doing sustainable business, Tan told the China-Nigeria Pharmaceutical Trade and Investment Forum.

The delegation on Monday visited the Lekki Free Trade Zone, a brainchild of China-Nigeria industrial cooperation, located to the east of Lagos city.

Moji Adeyeye, director general of the National Agency for Food and Drug Administration and Control (NAFDAC), told forum that China has demonstrated huge capacity to help Nigeria grow its pharmaceutical industry.

She urged the Chinese pharmaceutical sector to partner with Nigeria and its relevant institutions on research and development.

“I was in China recently where I raised this concern and I am glad this is happening now. We need more of capacity-building and research and development in several areas of pharmacy and I hope this forum will give birth to some,” she said.

Speaking on the forum, Liu Junsheng, Chinese commercial consul in Lagos, said Nigeria has a huge market for pharmaceutical products, noting that 80 percent of medicine are imported, mainly from India, China and Europe.

“I am glad to see that an increasing number of local pharmaceutical-related companies start to seek cooperation with Chinese counterparts, especially in the area of pharmaceutical materials,” he said.

The forum will make better contributions to the well-being of the people of both countries, Liu added.

Source: News