A South African pharmaceutical company, Portfolio Pharmaceuticals Limited, has indicated that it is interested to invest N735 million (US$5 million) to establish a paracetamol powder industry in Nigeria, Daily Trust reports.

During a visit to the Nigerian Investment Promotion Commission, Dr Desai, chief executive of the company, said paracetamol is the largest single drug in the world.

According to Desai, Portfolio Pharmaceuticals plans to manufacture paracetamol powder and sell it to drug manufacturers in the country.

Nigeria has a large number of companies producing paracetamol tablets but the powder is currently imported from China, India and Europe.

He added that the company also plans to bring in equipment for the manufacturing of anti-malaria, tuberculosis and diabetic drugs.