India's pharmaceutical products exported to oil-rich Nigeria reached to USD 307 million in the financial year that ended in March 2012, Indian High Commissioner to the African state, Mahesh Sachdev said during a pharma exhibition in the country.

Sachdev attributed the rise which stands at 35 to 37 per cent, to the fact that Indian products remain the largest source of pharmaceutical supplies to Nigeria owing to demand from consumers.

He spoke during the two-day Indian Pharma Exhibition and Buyer-Seller Meet organised by the Indian High Commission in Nigeria and Pharmaceutical Export Promotion Council ( Pharmexcil) also noted that the high participation during the event which attracted not less than 70 companies was as a result of strong relationship between Nigeria and India.

This year more than 1,000 buyers attended the event. India is working with NAFDAC and other Nigerian agencies to protect, promote and diversify Nigerian pharmaceutical market.

Over 700 pharma buyers had attended the previous Expo in Nigeria in March 2011.

The two countries signed a Memorandum of Understanding on Cooperation in Pharmaceutical Sector in March 2011.

They have intensified collaboration to prevent counterfeiting of Indian pharmaceuticals