By Huldah Shado
Nigeria’s pharmaceutical industry is on track for exponential growth, with projections indicating a fivefold increase in its market value to $10 billion within the next five years.
This projection was made by the Association of Community Pharmacists of Nigeria (ACPN), ahead of its 44th annual national conference.
Speaking at a media briefing, ACPN National Chairman, Ambrose Ezeh, and National Secretary, Omokhafe Ashore, revealed that local pharmaceutical manufacturers are investing tens of millions of dollars in new infrastructure, particularly in the production of Active Pharmaceutical Ingredients (APIs).
These strategic investments are expected to reduce the nation’s reliance on imports, improve medicine security, and position Nigeria as a manufacturing hub for pharmaceuticals in Africa.
Ezeh noted that the industry, previously valued at around $2 billion, is set to reach the $10 billion mark by 2030, driven by private sector investments and strategic partnerships.
“We are inspired by models like India and China, where strong pharmaceutical sectors have played pivotal roles in national economic growth. Nigeria is moving in that direction,” he said.
The ACPN emphasized the importance of government support in achieving this growth.
It called on the federal and state governments to provide special incentives to local drug manufacturers, including easier access to production equipment, excipients, and raw materials necessary for compliance with Good Manufacturing Practices (GMP).
The association also urged the government to align its industrial policies with the African Continental Free Trade Agreement (AfCFTA), noting that a strong pharmaceutical sector would enable Nigeria to tap into export opportunities across the continent.
Beyond economic gains, the ACPN highlighted the sector’s potential to create jobs, enhance public health outcomes, and boost national security by ensuring local drug availability in times of global supply chain disruptions.
As Nigeria works toward pharmaceutical self-sufficiency, the ACPN reaffirmed its commitment to collaborate with local manufacturers to improve medicine accessibility and secure the industry’s long-term viability.
