Biogaran SAS, a subsidiary of France’s second-largest drugmaker, Les Laboratoires Servier, plans to benefit from Nigeria’s $1.3 billion drugs market by setting up operations in the country.

“To start with, the company plans to use Nigeria as a base to export to other West African countries. We found that Nigeria is well adapted for what we want to do. We decided to invest when the recession was at its worst moment,” said Pascal Briere, Biogaran’s President.

Last Month, the company bought Nigeria’s leading drug maker, Swiss Pharma Ltd as it expects an annual growth of more than 12% of the country’s drug-manufacturing industry.

“It’s a bet on the future for sure,” Briere explained adding that Biogaran is also looking for opportunities in Ivory Coast and Kenya.

The acquisition comes at a time when drug-manufacturing companies in Nigeria struggle to get inputs as a result of a foreign-currency shortfall caused by lower revenues from oil, its main export.

In spite of this and of the recession in which Nigeria currently is, Biogaran’s president, explaining the move, said he is confident that Nigeria’s economy will soon return to growth.

Anita Fatunji