The
Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria
(PMG-MAN) expressed deep concern over the scarcity of foreign exchange in
Nigeria, highlighting its detrimental impact on the local pharmaceutical
sector.
The group cited currency fluctuations as a significant factor driving
the departure of several multinational pharmaceutical companies from the
country.
Speaking
at a press conference in Lagos ahead of the 7th Edition of the Nigeria Pharma
Manufacturers Expo (NPME), scheduled for September 4 and 5, PMG-MAN noted the
recent exits of major firms like GlaxoSmithKline and Sanofi Nigeria Ltd.
GlaxoSmithKline ceased operations in Nigeria in August 2023 after 51 years,
while Sanofi exited in November the same year.
Mr.
Patrick Ajah, Chairman of the Local Organising Committee for NPME 2024 and
Managing Director of May & Baker, emphasized the crucial need for a stable
exchange rate to foster growth in the domestic pharmaceutical industry. He
underscored the industry’s readiness to leverage the recently announced
Executive Order aimed at eliminating tariffs and VAT on pharmaceutical imports
to enhance local production capabilities, despite its yet-to-be-implemented
status.
Ajah
urged the government to prioritize stabilizing the Naira to facilitate
achieving Nigeria’s target of 70% local drug manufacturing. He pointed out that
recent currency instability had hindered long-term planning and investment in
the sector, contributing significantly to the exodus of multinational
companies. Ajah advocated for robust governmental support to empower Nigeria in
becoming self-sufficient in pharmaceutical production.
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