The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) expressed serious concerns over the scarcity of foreign exchange in Nigeria, stating that it is impossible for pharmaceutical companies to cope. The association also attributed the forex scarcity to the exit of several multinational pharmaceutical companies from the country. These concerns were highlighted during a news conference in Lagos ahead of the 7th Edition of the Nigeria Pharma Manufacturers Expo (NPME).
Related Stories Nairametrics 2024 Q3 Outlook: Nigeria needs stable forex to attract FDIs – Olusegun Zaccheaus Top 10 fastest growing sub-sectors of Nigeria’s economy in Q1 2024 Recent exits by prominent pharmaceutical multinationals, such as GlaxoSmithKline (GSK) and Sanofi Nigeria Ltd, highlight the severity of the forex crisis. GSK ended its 51-year presence in Nigeria in August 2023, while Sanofi exited in November. According to Mr.
Patrick Ajah, Chairman of the Local Organising Committee for NPME 2024 and Managing Director of May & Baker, a stable exchange rate is crucial for the progress of the domestic pharmaceutical industry. Ajah emphasized the challenges posed by the fluctuating value of the Naira, which has deterred investment and planning within the industry. “Unless the value of the Naira is stabilized, achieving the country’s target of 70% local drug manufacturing will remain a mirage,” Ajah stated.
“The recent fluctuations in the value of the Naira ha.