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Nigeria Faces Healthcare Crisis as Pharmaceutical Imports Reach N3.06 Trillion in Six Years

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Neimeth International Pharmaceuticals Plc - Investors King

Nigeria spent N3.06 trillion on importing pharmaceutical products in six years, according to data from the Raw Materials Research and Development Council (RMRDC).

The data exposes a growing over-reliance on imported medicines and underscores the need for urgent intervention to safeguard the nation’s health security.

According to the RMRDC report, Nigeria spent the sum of N126.1 billion on pharmaceutical imports in 2016 while the figure reduced marginally to N118.9 billion in 2017. 2018 saw an increase to N185.5 billion.

Within the next four years, the figures would increase exponentially, with imports in 2019 hitting N520 billion. In 2020, Nigeria spent N1 trillion to import pharmaceuticals, largely due to COVID-19.

In 2021 and 2022, N544.4 billion and N445.7 billion were spent to import pharmaceutical products into Nigeria, respectively.

In contrast, the country managed to export products worth a mere N3 billion during this period, resulting in a significant trade deficit of N3.03 trillion.

Members of the Pharmaceutical Society of Nigeria (PSN) have expressed apprehension, warning that if decisive measures are not taken to address the over-reliance on imported pharmaceuticals, the nation could face a public health crisis.

The PSN has cited the scarcity of foreign exchange as a critical factor contributing to the escalating problem.

Abasiama Uwatt, the Chairman of the Akwa Ibom State branch of PSN, emphasized the gravity of the situation, pointing out that drug prices have doubled within the last year due to the forex crisis.

She stressed that the current dependence on imported medicines poses a severe threat to the local industry and the national economy, emphasizing that disruptions in the medicine supply chain have become a national security issue.

Mfonobong Okon, the chairman of the communique drafting committee for PSN 2023 week, attributed the reliance on imported drugs to policy somersaults by the government.

He emphasized the need for consistent and well-implemented policies to encourage local production and ensure medicine security for the Nigerian population.

The alarming statistics highlight the imperative for immediate and coordinated efforts to enhance local pharmaceutical production, reduce dependency on imports, and secure the nation’s health infrastructure.

Addressing policy inconsistencies and fostering an environment conducive to local pharmaceutical manufacturing is crucial to mitigating the looming healthcare crisis.

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Economy

NLNG Boosts Cooking Gas Production to 1.5 Million Metric Tonnes Annually

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cooking gas cylinder

Nigeria Liquefied Natural Gas Limited (NLNG) has announced a significant milestone in its operations, boosting its annual production of liquefied petroleum gas (LPG), commonly known as cooking gas, to over 1.5 million metric tonnes.

This surge in production underscores NLNG’s commitment to meeting the rising demand for clean cooking energy in Nigeria.

The entirety of NLNG’s 1.5 million tonnes production is now being sold domestically within Nigeria.

Moreover, the company has initiated a landmark shift by starting to supply LPG in naira, moving away from the traditional practice of trading in United States dollars.

This move aligns with calls from stakeholders in the oil and power sectors advocating for naira transactions, especially amidst the challenges posed by currency fluctuations.

During a panel session at the 7th Nigeria International Energy Summit in Abuja, NLNG’s General Manager of Finance, Fatima Adanan, highlighted the company’s dedication to enhancing LPG penetration across the country.

Adanan emphasized NLNG’s vision to make Nigeria a better place by promoting the use of cleaner energy sources like gas.

While NLNG’s production surge is commendable, Adanan acknowledged that Nigeria’s LPG requirements surpass the current output, necessitating imports to bridge the gap.

However, NLNG remains committed to expanding its production capacity to meet the nation’s energy needs and drive increased adoption of LPG as a cleaner cooking fuel.

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Economy

CBN Raises Benchmark Interest Rate by 400 Basis Points to 22.75%

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has raised the benchmark interest rate by 400 basis points to a record 22.75%.

The decision made by the Monetary Policy Committee (MPC) comes amidst rising inflationary pressures and growing uncertainty in Africa’s largest economy.

Nigeria’s inflation rate rose to 29.90% in January 2024, the highest in over two decades while the nation’s unemployment rate quickened to 5% in the third quarter of 2023. Suggesting that the rising costs have continued to drag on both new job creation and the existing ones.

This coupled with a series of policy adjustments implemented by President Bola Ahmed Tinubu has plunged economic productivity and eroded consumer spending as citizens grapple with high fuel prices, electricity tariffs, a record-high foreign exchange rate, and insecurities.

Therefore, it is surprising that the Monetary Policy Committee (MPC) led by the CBN will further increase borrowing costs by 400 basis points at a time when job creation is paramount.

While the economy reportedly grew by 3.46% in the fourth quarter (Q4) of 2023 on the back of robust performance of the services sector, this growth is yet to crystalise as businesses and citizens have taken to the street protest against the harsh economic situation.

Economic experts have started questioning the data from the National Bureau of Statistics (NBS) given its lack of correlation between the data and economic reality.

 

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Economy

President Tinubu Unveils Geometric Power Plant in Aba After 20-Year Wait

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Geometric Power Plant

After two decades of anticipation, President Bola Tinubu, through his representative Vice President Kashim Shettima, inaugurated the long-awaited Geometric Power Plant in Aba, a significant milestone in the city’s quest for reliable electricity supply.

The event, which also saw the commissioning of three rehabilitated roads by Abia State Governor Alex Otti, symbolizes the culmination of years of perseverance and determination to transform Aba’s power landscape.

Addressing the audience, Vice President Shettima hailed the project as a testament to the power of visionary leadership and unwavering commitment to progress.

He said the Geometric Power Plant exemplifies the transformative impact of strategic infrastructure investments on local communities.

Governor Otti echoed similar sentiments, emphasizing the importance of the power project in positioning Aba as a hub for national and international business ventures.

He commended the efforts of Geometric Power Limited while urging them to uphold transparency and avoid exploiting consumers.

The inauguration of the Geometric Power Plant comes amidst growing concerns over Nigeria’s power infrastructure and the need for sustainable solutions to address electricity shortages.

The project, with a capacity of 188MW, holds promise for significant improvements in power supply across Abia State, benefitting nine out of seventeen local government areas.

The Managing Director of Geometric Power Limited, Ben Caven, underscored the scale of investment involved, totaling $800 million.

He highlighted the comprehensive nature of the project, which includes the installation of new power substations and a 27km natural gas pipeline, signaling a comprehensive approach to enhancing Aba’s energy infrastructure.

In conclusion, the inauguration of the Geometric Power Plant represents a transformative moment for Aba, offering renewed hope for economic growth and prosperity powered by reliable electricity supply.

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