The Federal Government of Nigeria has announced the acquisition of over $1 billion in funding to support the local production of indigenous medicines in the country. This initiative aims to address the significant reliance on imported health products, with only 30% of drugs produced locally, and 99% of medical devices imported.
Dr. Abdu Mukhtar, the national coordinator of the Presidential “Unlocking Healthcare Value-Chain” Initiative, revealed that 70% of drugs and 99% of medical devices in Nigeria are imported, highlighting the need for increased local production.
Challenges hindering the development of the life sciences sector include limited access to technology, quality certifications, and raw materials, as well as complex trade environments.
President Bola Tinubu approved the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) in October 2023 to attract new investments into Nigeria’s healthcare system and transform the country into a hub for health product manufacturing.
The PVAC initiative prioritizes local production of Active Pharmaceutical Ingredients (APIs) and aims to secure significant funding from various sources, including Afrexim Bank, the Bank of Industry, the African Development Bank, and the European Investment Bank.
Biovaccines Nigeria Limited (BVNL), established in 2005 to revive vaccine production, is being considered for reactivation, while three groups are planning local vaccine production.
Special Adviser to the President on Health, Salma Anas-Ibrahim, emphasized President Tinubu’s commitment to increasing local production to 70% while reducing imports to 30% to improve access and reduce costs.
Prof. Akin Abayomi, the Commissioner for Health, Lagos State, highlighted the predominance of private medical facilities in healthcare provision and emphasized the need for government support, including soft loans, to stimulate their growth.
