Critical stakeholders have stressed the need to improve the country’s pharmaceutical manufacturing capacity, identifying technology, strategic investments and collaboration as tools needed to drive sustainable growth in Nigeria’s pharma sector.
Rising at the 2025 Nigeria Pharmaceutical Industry Growth and Investment Summit, the stakeholders emphasised the critical challenges facing Nigeria’s pharmaceutical industry, adding that it was time to develop the country’s pharma manufacturing landscape.
The summit, organised by PBR Life Sciences, convened leading voices across the pharmaceutical landscape, including industry CEOs, development finance institutions, private equity and venture capital firms, and senior government officials, to shape the future of healthcare in Nigeria.
Speaking, former President of the Pharmaceutical Society of Nigeria, Ahmed Yakasai, said to achieve the desired growth and transformation in the pharmaceutical sector and become self-sufficient in pharma products, the key players must build scalable structures.
“The takeaway here is that players in the pharmaceutical sector that really want to go big must have structure. They have to have financial models. And if it means having a merger, why not? With mergers, we’ll be manufacturing beyond even simple formulations,” he said.
Yakasai, who is also the CEO of Pharma Products Nigeria Limited, said with scalable structure and right mergers, the sector can go deep into research and development of pharma products beyond simple formulations.
“We can go deep into vaccine production. I cannot remember any pharmaceutical industry producing injectables here. We need to go all in, apart from just the infusion plants. So we need to go all around to show that, yes, Nigeria is a hub—a pharmaceutical hub—not only for ECOWAS countries but for all African nations.
“We must take advantage of the African Continental Free Trade Agreement so that Nigeria will be well-positioned to service all the neighbouring countries and even other East and North African nations as well,” he said.
Also, the CEO of Codix Group, Sammy Ogunjimi, who lamented the slow pace of the sector’s growth, stressed the need for homegrown solutions.
“We all need drugs. We need medicines. And this industry holds huge potential. However, growth has not been as impressive as what we’ve witnessed in telecoms or other booming industries like oil and gas. It’s an industry people frequently talk about, but honestly, not much has been done,” he said.
According to him, investment in this industry is absolutely essential, not just to boost business, but to ensure access to life-saving medicines for a wide range of diseases.
“The only sustainable solution to our problems must come from us. We must be determined and committed to investing in Nigeria. We can’t sit back and wait for foreign companies.
“The real solution, especially in a sensitive, essential sector like pharmaceuticals, requires local entrepreneurs who are empowered and supported to invest. We must be the ones to sort out these problems ourselves, to pursue technology transfer, and to deeply understand the technical side of the business,” he said.
On his part, CEO of PBR Life Sciences, Ayodeji Alaran, noted that the sector stands at a pivotal moment, raising concerns about the country’s continued reliance on imported medicines.
“Today, 70% of medicines consumed in the country are imported, leaving our healthcare system vulnerable to currency fluctuations, supply chain disruptions, and escalating costs,” he said.
Ayodeji highlighted that Nigeria’s rapidly growing population, projected to exceed 377 million by 2050, and the pharmaceutical market’s anticipated valuation of $1.01 billion by 2028 present a compelling case for bold investment in local production.
He stressed that the private sector must take the lead in accelerating progress through innovation, strategic partnerships, and capital mobilisation.
“We can no longer afford to rely on fragile global supply chains for critical medicines. Instead, we must build resilient, homegrown manufacturing capacity that secures access, reduces costs, and unlocks economic growth. The question is not whether we can afford to invest, it’s whether we can afford not to. The future of Nigerian healthcare will be defined by the decisions we make today. Let’s choose wisely,” he added.
On his part, the National Coordinator of the Presidential ‘Unlocking Healthcare Value-Chain’ Initiative, Dr Abdu Mukhtar, urged investors to look at healthcare as a potential business opportunity.
According to him, growth in the health sector will lead to an increase in the country’s GDP.
“In Nigeria, and like many African countries, the healthcare sector accounts for only 3 to 4 percent of the GDP. In many countries, like in the US, it’s about 17 to 18 percent of GDP. This means that there is a huge opportunity and potential for growth, even from a personal economic diversification perspective. If Nigeria can grow the health sector, especially on the private side, whether it’s pharmaceuticals, hospitals, or digital health, you know, all those opportunities can grow the GDP,” he said.
He emphasised that the health sector in Nigeria is a viable sector for growth, and investors can tap into this to increase their finances and make an impact.
“Right now, the life sciences sector in Nigeria is about 46 billion US dollars. We expect that by 2030, this is going to more than double. So there’s huge room for growth. And I know that private equity investors, venture capitalists, and other investors are looking for growth opportunities. So the health sector, the pharmaceutical sector, and the life sciences sector are very viable sectors for growth.
“And then when you start putting things like digital technology, those kinds of innovative solutions, then it’s actually going to be even bigger. So I want you to see that there is money to be made while also making an impact. But no matter what kind of investor you are, know that you will find the right kind of opportunities,” he said.
He stressed that all efforts have been made to build an ecosystem that allows local manufacturers to thrive.
He disclosed that through the Executive Order signed by President Bola Tinubu to provide zero import duty and zero VAT for the importation of equipment and raw materials needed for local production in the health sector, manufacturers now have a conducive environment to produce pharmaceutical and life sciences products.
Mukhtar, who was the keynote speaker at the event, said the recent establishment of Medipool, a purchasing organisation, by the Federal Executive Council, would be a game changer in the health sector, especially for manufacturers.
“This organisation will aggregate volumes, will pool procurement, will provide a framework contract, long-term contract, so that when you’re a manufacturer, when you produce, you know that a certain percentage of your volume is guaranteed for uptake. This, we believe, is going to be a big game changer. The process is already in place,” he said.
He assured pharma stakeholders that discussions with relevant development financial institutions are ongoing to provide financial support for local production, adding that by 2030, Nigeria should be able to produce at least 70 percent of the healthcare products, across various product lines, that are consumed in the country.
