While some global corporations are pulling out of Nigeria, others are finding chances in the largest economy in Africa. For example, Nutrify, a division of Tolaram Group, which made an investment in the nutraceutical health sector six months ago, intends to build a multi-million Naira factory in Nigeria.
According to Ehimenv Oaikhena, regional sales manager for the health company Nutrify Nigeria, the ambitious concept not only satisfies the growing demand for its goods in Africa but also generates employment and stimulates the local economy.
Oaikhena did nothing to disclose the location of the factory when she was interviewed last weekend in Lagos at the Young Pharmacists Group’s health event, which was held in association with Nutrify.
The choice is further influenced by research, knowledge of the size and market for nutraceuticals in health in Nigeria, familiarity with the country’s regulatory framework, and knowledge of the raw material supply.
Similar to the crude oil industry, in which Nigeria imports refined products and exports crude, Nutrify currently sources its raw materials from various African nations, including Nigeria, but transforms them into finished products in Asia.
According to Oaikhena, the company expects that local production in the upcoming two years will result in more cheap items, taking into account importation logistics and exchange rates.
Oaikhena disclosed: “We source most of the raw materials in Nigeria and Africa. The plan in the next two years is to have the supplements produced here in Nigeria”
According to the regional sales manager, the company now uses roughly 65% local content in its nutraceutical goods supplied throughout Africa because some of its raw ingredients are sourced outside of Nigeria.
Nonetheless, he stated that the organisation intends to raise the local content to 90%, BrandSpur local news brand reports.
Oaikhena noted that affordable and suitable medications are the gaps in the market for healthy supplements, but Nutrify is filling these gaps thanks to its robust R&D team.
“We have been on this journey of the plan to produce supplements for about 5 years as we did not just wake up to start manufacturing,” he declared, adding that the company is aware of the market.
He explained that the goal of the wellness retreat is to educate customers and chemists about certified nutraceutical goods and raise awareness of the preventive approach to health. He claimed that Nutrify formulas have ISO certifications and NAFDAC approval.
During the panel discussion, Tolulope Ajayi, the Chairman of the Lagos Chapter of the Association of Community Pharmacists of Nigeria, explained the purpose of the retreat as enhancing the NUJ knowledge and skills of pharmacists, who are healthcare providers and not just businesspeople but also the gatekeepers of the healthcare delivery system.
He explained that the goal of the wellness retreat is to educate customers and chemists about certified nutraceutical goods and raise awareness of the preventive approach to health. He claimed that Nutrify formulas have ISO certifications and NAFDAC approval.
During the panel discussion, Tolulope Ajayi, the Chairman of the Lagos Chapter of the Association of Community Pharmacists of Nigeria, explained the purpose of the retreat as enhancing the knowledge and skills of pharmacists, who are healthcare providers and not just businesspeople but also the gatekeepers of the healthcare delivery system.
Abimbola Adebakin, who subscribes to the theory that prevention is preferable to cure, stated in her opinion that Africa may find preventative health solutions through technology and artificial intelligence (AI). She asserted that when advancements in health are made, power can be transferred to Africa.
She claimed that the answer to the world’s health problems is in Africa, stating that by combining the continent’s conventional medical practices with AI’s ability to lower the cost of drug research, the success rate of newly discovered medications may rise from 15% to 70%.
Consumers should always enquire pharmacists about their licenses and get advice from them when needed, according to Nmesoma Ohakwe, State Coordinator, PSN-YPG, Lagos.
