Nigerian Generic Pharmaceutical Manufacturing — NAFDAC-Licensed Expansion

Requirement

Nigeria imports roughly 70% of the medicines its population consumes. Every one of those imports is a foreign exchange claim in a country where hard currency access is the binding constraint on most things, and every supply disruption abroad becomes a stockout in a Nigerian pharmacy. This investment expands an existing NAFDAC-licensed pharmaceutical manufacturer. The critical distinction from greenfield pharmaceutical projects is that the licence already exists: NAFDAC registration is a multi-year process with meaningful failure risk, and an operating licensed facility converts growth capital into capacity on a timeline a greenfield project cannot approach. The expansion adds production lines, quality infrastructure and the working capital that pharmaceutical manufacturing's long input-to-cash cycle requires. Import substitution in pharmaceuticals also carries policy tailwind. Nigerian industrial policy actively favours local manufacturing of essential medicines, and public procurement increasingly weights local production. The realistic constraint is not demand but input supply — active pharmaceutical ingredients are themselves largely imported, so the forex exposure is reduced rather than eliminated, and investors should model that honestly. $3M-$8M of growth equity is sought.