Neimeth International Pharmaceutical Plc, as part of its five-year strategic growth plan, has said it is targeting market expansion with focus on product and market diversification.
Speaking at a media parley, the Managing Director and Chief Executive Officer of the Pharmaceutical company, Pharm.
Valentine Chinedu Okelu noted that the company is actively pursuing market expansion, while noting that this ia a crucial component of its diversification strategy that would reinforce resilience and long-term sustainability.
He explained that with the company’s five-year projections from 2025 to 2029, which outlined path toward substantial revenue and profit growth, and with strategic investments maturing, Neimeth is poised to return to profitability and resume dividend payments in the near future.
“Our new strategic direction is to establish Neimeth as a recognized international brand within Sub-Saharan Africa. We will pursue this ambition with vigor, building strong partnerships and leveraging market opportunities to drive sustainable expansion,” he said.
On its expansion drive, Okelu explained that the company has completed the long-planned upgrade of its manufacturing facility in Oregun, Lagos, which was originally established in 1976, while noting that this upgrade aligned with Good Manufacturing Practices (GMP) and enhanced the company’s cGMP compliance.
He added that the company, in line with its vision of becoming a pharmaceutical manufacturing hub for Africa, is constructing a WHO-compliant production facility in Amawbia, Anambra.
“This facility will serve as a center of excellence for pharmaceutical research, development, manufacturing, and distribution. Upon completion, it will be presented for certification by the WHO and other global regulatory agencies to ensure adherence to the highest industry standards,” he said, adding that this facility would enable the company to maximize the opportunities presented by the African Continental Free Trade Agreement (AfCFTA); thus positioning Neimeth as a key player in pharmaceutical production and distribution across the continent.
To mitigate the challenge of foreign exchange loss, thus creating headroom for a swift return to positive cash flow and profitability, Neimeth MD/CEO noted that the management of the company is aggressively restructuring foreign-denominated loans by converting them into naira to shield the company from further forex volatility, adding that the company is negotiating extended payment terms on outstanding facilities.
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