In a decisive move aimed at transforming Nigeria’s healthcare landscape, key players across the pharmaceutical and healthcare sectors have intensified calls for urgent and strategic investment in local drug manufacturing. Speaking at the 2025 Nigeria Pharmaceutical Industry Growth and Investment Summit, stakeholders underscored the pressing need to reposition the country’s pharmaceutical sector for long-term sustainability, innovation, and self-reliance.
The high-level gathering, convened by PBR Life Sciences, brought together a coalition of thought leaders, including pharmaceutical industry chief executives, development finance institutions, private equity investors, venture capital firms, and government representatives, who all echoed the same message: Nigeria must rise to the challenge of producing its own medicines if it is to secure its healthcare future.
Former President of the Pharmaceutical Society of Nigeria, Ahmed Yakasai, who also doubles as CEO of Pharma Products Nigeria Limited, made a strong case for the establishment of scalable pharmaceutical structures. According to him, the time has come for Nigerian pharmaceutical companies to look beyond simple formulations and begin exploring deeper avenues such as vaccine production and the manufacture of injectable drugs.
Yakasai stressed that structural capacity, viable financial models, and strategic mergers would play a crucial role in scaling operations across the sector. He maintained that Nigeria has the potential to become a pharmaceutical powerhouse not just for West Africa but for the entire continent. He also highlighted the opportunity presented by the African Continental Free Trade Agreement (AfCFTA), noting that with the right frameworks in place, Nigeria could position itself as a dominant player in the regional pharmaceutical market.
Also lending his voice, Sammy Ogunjimi, CEO of Codix Group, lamented the sector’s slow growth compared to others like telecoms and oil and gas. He described the pharmaceutical industry as one brimming with untapped potential but limited by inadequate investment and a lack of strategic focus. Ogunjimi called for local solutions, insisting that Nigeria must take ownership of its pharmaceutical needs rather than waiting on foreign intervention. He argued that only Nigerians, equipped with the right support and technical expertise, could fully unlock the potential of the sector and ensure consistent access to life-saving drugs.
For Ayodeji Alaran, CEO of PBR Life Sciences, the situation demands immediate action. He raised concerns over Nigeria’s continued dependence on imported medicines, stating that about 70 percent of all pharmaceutical products consumed in the country are sourced from overseas. This, he warned, exposes the nation’s healthcare system to vulnerabilities such as currency instability, global supply disruptions, and escalating costs.
Alaran pointed out that Nigeria’s population is projected to exceed 377 million by 2050, while the pharmaceutical market is estimated to reach $1.01 billion by 2028. He said these figures underscore the urgent need for a deliberate shift towards local production, which would ensure security of supply, reduce healthcare costs, and stimulate economic growth. He urged the private sector to lead the charge through innovation, strategic alliances, and capital mobilisation, warning that failing to act now would come at a greater cost to the country’s future.
Delivering the keynote address, Dr. Abdu Mukhtar, National Coordinator of the Presidential Unlocking Healthcare Value-Chain Initiative, reaffirmed the government’s commitment to creating an enabling environment for pharmaceutical manufacturers. He encouraged private investors to view the healthcare sector not only as a moral responsibility but also as a sound business opportunity.
Mukhtar noted that healthcare currently contributes only 3 to 4 percent to Nigeria’s GDP, far below the figures recorded in more developed economies such as the United States, where healthcare contributes around 17 to 18 percent. He stressed that with strategic focus and the right investments in areas such as pharmaceuticals, hospitals, and digital health, Nigeria could dramatically boost its GDP while also meeting critical health needs.
Citing recent policy developments, Mukhtar disclosed that President Bola Ahmed Tinubu had signed an Executive Order to remove import duties and VAT on medical equipment and raw materials required for local drug production. He described this move as a game changer that would ease production bottlenecks and incentivise local manufacturing.
He also revealed that the Federal Executive Council had recently approved the establishment of “Medipool,” a national procurement agency designed to guarantee market access for locally produced health products. Medipool, he said, would aggregate demand, issue long-term contracts, and ensure consistent off-take from manufacturers, thereby providing financial certainty and encouraging more players to enter the space.
According to Mukhtar, development finance institutions are already in talks with government agencies to provide accessible funding for pharmaceutical ventures. He projected that by 2030, Nigeria should be able to produce at least 70 percent of the healthcare products it currently imports, including vaccines, injectables, and other essential medicines.
As conversations around health security and economic self-reliance gain momentum, Nigeria’s pharmaceutical stakeholders are united in the belief that a robust and homegrown manufacturing base is not just desirable but absolutely essential. The future of the nation’s health, they argue, rests on the bold decisions and investments being made today.