Industry Chief Executive Officers (CEOs), development finance institutions, private equity and venture capital firms, and senior government officials have harped on the need for strategic investment opportunities and also collaborating more to drive sustainable growth in Nigeria’s pharmaceutical sector.
They spoke at the 2025 Nigeria Pharmaceutical Industry Growth and Investment Summit held at Marriot Hotel, Ikeja, Lagos.
The summit which was convened by PBR Life Sciences, afforded the attendees the opportunity to discuss on the future of healthcare in Nigeria.
The CEO, PBR Life Sciences, Ayodeji Alaran in his remarks outlined the critical challenges facing Nigeria’s pharmaceutical industry, stressing 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.
While acknowledging that government initiatives like the National Pharmaceutical Manufacturing Plan offer a strong policy framework, he stressed that the private sector must take the lead in accelerating progress through innovation, strategic partnerships, and capital mobilisation.
The event featured several panelists and speakers, including: Pharm Ahmed Yakasai, Former PSN President & CEO, Pharmaplus Nigeria; Prof. Chimezie Anyakora, CEO, Bloom Public Health, Dr Abdu Mukhtar, National Coordinator Presidential Initiative for Unlocking value chain (PVAC)
Others are Dennis Aizobu, Managing Director, SFH Access; Omorinsola Ipaye, CEO, Efunpo Pharma Ltd; Adetunji Sekoni, Principal, CardinalStone Capital Advisers; Chishamiso Mawoyo, Senior Investment Officer, IFC; Dr. Olufemi Olaleye, Group Head, Health Finance, Sterling Bank Ltd; Jordy Kiange Beni, Investment Principal, Octerra Capital; Sammy Ogunjimi, CEO, Codix Group; Chimdindu Onwudiegwu, Associate Partner, Dalberg; and Olayemi Oladiran, COO, Alpha Orion Nigeria Ltd.
Strategic discussions around innovation in pharmaceutical manufacturing, regulatory modernisation, market expansion, and capital mobilisation to drive sustainable, sector-wide growth were key areas from the various panelists sessions.
The National Coordinator of PVAC, Dr. Abdu Mukhtar in his welcome address commended PBR Life Sciences for convening this summit, adding that it is critical to the pharmaceutical and life sciences sector in Nigeria.
Dr. Mukhtar noted that the federal government is implementing a very broad and far-reaching reform known as the Health Sector Investment Renewal Strategy to address issues around improving primary healthcare services, health insurance coverage, and also preparing the health sector for any possible pandemic.
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“The first is to increase the share of locally produced healthcare products, pharmaceuticals, vaccines, and health commodities.
“As you know, in Nigeria, as in many other African countries, we import almost 80 percent of the essential medicines that we use. We import almost 100 percent of the vaccines that are used in the country.
“We import almost 99 percent of medical devices, including test kits for various diseases in this country.
“This is no longer attainable. We are a country of 230 million people, and Nigeria is the only country in the world that has at least 100 million people but does not produce a majority, 50 percent, of essential healthcare commodities, supplies, and medicines. So the key mandate for PVAC is actually to help address this problem.”
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.
Dr. Mukhtar further threw his weight behind the recent establishment of Medipool, a purchasing organisation, by the Federal Executive Council (FEC), adding that it will be a game changer in the health sector, especially for manufacturers.
He called on 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% of the GDP. In many countries, like in the US, it’s about 17 to 18% 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.
The Managing Director of Codix, Sammy Ogunjimi stressed that the pharmaceutical industry remains a very critical one, and it is a matter of national security.
“The pharmaceutical industry is an area that people talk about, but not enough has been done. One of the many issues facing the industry is lack of access to funds to help local manufacturers. There’s also need for technological transfer that will help local manufacturers. The solution to our problem can only come from us. We can’t continue to wait for foreign investors. We need people to invest in the industry, and also reduce the bottlenecks associated in getting licence”.
He commended the Bola Tinubu-administration for its concerted efforts in addressing key issues in the pharmaceutical industry.
Also, Former PSN President, Pharm Yakasai advised pharmaceutical companies to scale up and collaborate noting that the federal government has assured that it was ready to back the industry.
He said: “We want to be a country that’s self sufficient. The issues on limited financing mechanism in the industry is what must be addressed. All pharmaceutical companies wants to access these funds, but they need to have structure. The government shouldn’t be importing, we want patronage from them.”
