Hot Source* Bolsters commitment to local manufacturing, health security
Emzor Pharmaceutical Industries Ltd (Emzor), a leading light in the Nigerian pharmaceutical sector, is pleased to announce the successful repayment of its inaugural Series 1 Commercial Paper.
Originally issued in November 2024, under its N10 billion Commercial Paper Issuance Programme, the N5.13 billion note matured on August 18, 2025, marking a significant milestone in the company’s capital markets journey.
This fulfilment and the continued retention of its investment grade credit rating of A- with a stable outlook (GCR), further reinforces Emzor’s credibility and financial discipline in Nigeria’s investment landscape. Beyond this financial triumph, Emzor continues to drive innovation, quality, self-reliance and excellence in pharmaceutical manufacturing.
The company has successfully scaled up Local API (Active Pharmaceutical Ingredients) Production with a $23 million transformative investment. Situated in Sagamu, Ogun State, the $23 million API plant is the first of its kind in sub-Saharan Africa. This venture is set to bolster Nigeria’s drug self-sufficiency by reducing import reliance and lowering production costs, especially for vital medicines like antimalarials and HIV/AIDS antiretrovirals.
The API Plant, nearing completion, was initially slated for opening in Q1-2024, but the timeline has been revised to early 2026, owing to fiscal, monetary and regulatory complexities. Despite these pressures, the project is advancing swiftly, with over 90% of civil engineering works completed and critical production equipment already installed, The API R&D laboratory has already developed and synthesized five antimalarial API’s in anticipation of full-scale production.
Emzor Pharmaceutical continues to sustainably champion Drug Safety with Innovative Track-and-Trace Technology, demonstrating a steadfast commitment to quality and consumer safety, Emzor has rolled out an advanced ERP, Oracle, as well as track-and-trace software system across its supply chain. These solutions support lean manufacturing, tighten inventory management and strengthen market surveillance, helping to eliminate substandard and counterfeit medications, especially in underserved areas.
The company has remained unwavering in promoting Manufacturing Resilience and Regional Outreach. At a recent ECOWAS@50 summit in Lagos, Emzor reaffirmed its pivotal role in enhancing medicine security across the continent. Notably, the company now has over 200 registered products manufactured across several factory sites, and distributes to all Nigerian states and to West Africa, including direct exports to Liberia and Sierra Leone.
The company commends government for Policies Bolstering Local Pharma Production. Emzor is one of the beneficiaries of a landmark policy move by Nigeria’s government, which exempts pharmaceutical raw materials from import duties and VAT for two years. This regulatory support aims to stimulate local production, making essential medicines more affordable. This also adds to the bold and extensive backward integration strategy that Emzor is vigorously pursuing. In addition, a new economic directive known as ‘The Nigeria-First Policy’, approved by President Bola Ahmed Tinubu, in May this year, mandates all federal ministries, departments and agencies to prioritise procurement of locally manufactured goods, improving the outlook for the supply of Emzor’s products during public tenders.
Emzor’s timely repayment of its debut commercial paper underscores its robust financial management, while its strategic initiatives — ranging from cutting-edge infrastructure to digital integrity systems — highlight its leadership in Nigeria’s pharmaceutical evolution. As the company nears completion of its landmark API facility and continues to expand its footprint, Emzor remains at the vanguard of building resilient, accessible healthcare across Africa.
Established over 45 years ago in 1977 by Dr. Stella Chinyelu Okoli, Emzor began as Emzor Chemists Limited, a modest retail pharmacy and has evolved into one of Nigeria’s most esteemed pharmaceutical manufacturers. Over the past four decades, the company has grown into a pan-African force with world-class, ISO- and NAFDAC-approved facilities ensuring quality, availability and affordability of healthcare products across the continent. Successful inspections by international agencies have also opened the way for Emzor’s products to be supplied to international agencies in recognition of the high quality manufacturing standards.
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