Nigeria presents substantial investment and growth opportunities for the pharmaceutical industry as a result of strong local demand. As the country with both the largest economy and consumer market on the continent, Nigeria is one of the most important markets for the pharmaceutical industry in the world.
While Nigeria, like many developing countries, had historically imported only finished pharmaceuticals from Asia and Europe, the situation has been changing in recent times and there is now a strong emphasis on the local production of drugs, dosage forms and some processing equipment. In this regard, many pharmaceutical industry operators are engaged in the development and production of medications domestically. We are also committed to supporting Nigerian pharmaceutical research and bringing GSK’s international expertise to the country to help produce safe and effective drugs.
I believe that the Nigerian pharmaceutical industry has the capacity to be a giant in the manufacture and sale of products in sub- Saharan Africa. However, for the expansion of the local pharmaceutical industry to reach its full potential, the lack of standardised equipment and machinery and insufficient storage capacity must be resolved. Several initiatives have been implemented by public authorities to reduce manufacturing costs by lowering the import costs of inputs and energy; improving supply chain efficiency; and simplifying the framework for drug approvals.
Strengthening the country’s pharmaceutical manufacturing capacity and attracting foreign investment relies on dedication, advocacy and coordinated efforts by policymakers, pharma companies and other stakeholders. This would serve to address remaining barriers such as uncompetitive tax rates, high costs for energy and policy changes that hinder activity.
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