The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) has revealed that the challenges in the forex market have forced several pharmaceutical multinationals to leave Nigeria.
At a news conference in Lagos, the group’s Chairman, Patrick Ajah, stated that the exit of companies like GlaxoSmithKline and Sanofi Nigeria Ltd. was due to the difficulty in accessing foreign exchange, which has negatively impacted the local pharmaceutical industry.
“Unless the value of the Naira is fixed, achieving the country’s target of 70% local drug manufacturing will remain a mirage,” Ajah said. He emphasized that the government needs to take urgent action to address the forex crisis, which has made it difficult for companies to plan and invest. “The recent fluctuations in the value of the Naira have made it difficult for companies to plan and invest. This is one major reason why multinational companies are leaving. It’s not the fear of subsidy removal.”
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Ajah called for increased government support for the local pharmaceutical industry, citing India as an example of a country that has successfully supported its domestic pharmaceutical industry.
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“The Indian government has provided financial and technical assistance to local manufacturers, and has even intervened to secure technology from other countries,” he said.
With the right support, Ajah believes that Nigeria can produce 70% of the medicines it consumes.
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