The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) has raised concerns about the scarcity of foreign exchange (FX) in Nigeria, affecting pharmaceutical operations significantly.
During a press briefing in Lagos ahead of the 7th Nigeria Pharma Manufacturers Expo (NPME), PMG-MAN expressed dismay over the challenges faced by pharmaceutical companies, attributing the forex scarcity to the departure of several multinational firms from Nigeria.
Patrick Ajah, chairman of NPME 2024’s local organizing committee and managing director of May & Baker, emphasized the critical need for a stable exchange rate to foster growth in the domestic pharmaceutical sector.
He highlighted that fluctuating naira values hinder investment and planning, making Nigeria’s goal of achieving 70% local drug manufacturing unrealistic without currency stability.
Ajah underscored that recent currency fluctuations have exacerbated difficulties for companies, prompting many multinational pharmaceutical giants to exit the market.
He suggested that stabilizing the exchange rate would immediately address these issues and attract more investments.
Ajah also referenced President Bola Tinubu’s executive order eliminating tariffs and VAT on pharmaceutical imports, urging swift implementation alongside exchange rate stability to bolster Nigeria’s attractiveness for multinational pharmaceutical investments.
Frank Muonemeh, executive secretary of PMG-MAN, reiterated the urgency of reducing reliance on imported drugs in favor of promoting locally manufactured medicines as a national security imperative.
He highlighted the departure of major pharmaceutical players like GlaxoSmithKline and Sanofi Nigeria Limited in 2023 due to the ongoing forex crisis.
The pharmaceutical industry in Nigeria continues to grapple with these challenges, necessitating robust governmental interventions to safeguard and promote local drug manufacturing capabilities.
