The prediction projects that the Nigerian pharmaceutical market will expand at a CAGR of 9.1% and reach $5.3 billion by 2024. Many emerging nations in Africa, including Nigeria, purchased finished pharmaceutical products from large private enterprises or multinational pharmaceutical corporations until the middle of the 20th century. The local manufacture of raw materials and processing machinery received little attention. However, the current trend has shifted, and several crucial factors including local dosage manufacturing and processing equipment are now receiving more attention. Currently, India, the USA, China, Europe, Taiwan, and Brazil import a significant share of Nigeria’s dosage forms. However, the government is making an effort to promote domestic production.

Features of the Pharmaceutical Industry in Nigeria :

Nigeria’s economy is heavily consumer-focused due to the unstable social and political climate that crime and corruption have produced. Therefore, all industries share the same traits, including the pharmaceutical industry.

Nigeria’s pharmaceutical sector imports a significant portion of its raw materials that have been processed. In addition, large machineries and pieces of equipment for the pharmaceutical sector are produced elsewhere and brought into Nigeria. Due to the large population and inexpensive labour, the pharmaceutical business in Nigeria is relatively large.

Pharmaceutical Industry Challenges in Nigeria:

The pharmaceutical sector in Nigeria has a number of difficulties. Unfair competition brought on by imported goods and international corporations is one of the greatest problems facing Nigeria’s pharmaceutical sector. Additionally, there is a need to standardise a number of medications with herbal origins that are in use in the nation. The government is still powerless to stop the unlawful importation and sale of counterfeit, inferior goods even after so many years. Another significant issue is the dearth of real pharmaceutical items. The lack of manufacture of pharmaceutical-grade raw materials in large quantities and the shortage of educated pharmacists are the main causes of this.

  • Overview of Nigeria Pharmaceutical Industry

The expansion of the pharmaceutical business in Nigeria is also being hampered by several unfavourable government rules affecting pharmaceutical firms and the producers of pharmaceutical machinery. Additionally, the dependability of water, power, and environmental controls are some of the variables that work against pharmaceutical firms and producers of pharmaceutical equipment in Nigeria.

Due to these obstacles, the conventional approach to entering the Nigerian pharmaceutical market may not be successful. The journeys of local patients should be studied by all pharmaceutical businesses in order to create solutions for them.

Opportunities in Nigeria Pharmaceutical Industry:

Some small-scale domestic private research facilities are currently in competition with overseas firms. The dependability of high-quality products made in Nigeria has risen with the ongoing training of more pharmacists. Good containers that can be utilized in the pharmaceutical business are being produced by a number of local, expanding industries.

It is obvious that there are several obstacles in the way of Nigeria’s pharmaceutical industry’s expansion. By enhancing the business climate for pharmaceutical businesses and equipment makers as well as the infrastructure, regulations, and security in place, the government may significantly contribute to the industry’s success.