“Stakeholders Push for Tech, Investment, and Local Collaboration to Revolutionise Nigeria’s Pharma Sector”

Nigeria’s pharmaceutical industry is at a turning point, and key industry players are calling for urgent strategic action to transform the country into a regional hub for pharmaceutical manufacturing. This appeal came during the 2025 Nigeria Pharmaceutical Industry Growth and Investment Summit, where critical stakeholders emphasised the need for technology, capital investment, and private sector collaboration to unlock the sector’s vast potential.

Organised by PBR Life Sciences, the summit brought together top-level pharmaceutical executives, investors, government officials, and development finance institutions to chart a sustainable growth path for Nigeria’s healthcare manufacturing ecosystem. At the heart of the discussions was a shared belief that local pharmaceutical production is essential to national health security and economic resilience.

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Former President of the Pharmaceutical Society of Nigeria, Ahmed Yakasai, set the tone by stressing the need for scalable business models. Yakasai, who also serves as CEO of Pharma Products Nigeria Limited, argued that Nigeria cannot become self-sufficient in essential medicines without structural reform and scale-driven manufacturing.

“To grow, pharma companies must be structured. They must have strong financial models,” Yakasai noted. “If it takes merging to achieve scale, then why not? That’s the only way we can move from basic formulations to more advanced production like vaccines and injectables.”

He added that Nigeria must position itself as a pharmaceutical hub not only for ECOWAS but for the entire African continent. Leveraging frameworks like the African Continental Free Trade Agreement (AfCFTA), Yakasai believes local players can transform Nigeria’s pharma output into a key export industry.

Speaking from an investor’s lens, Codix Group CEO Sammy Ogunjimi called for urgent local investment to drive innovation and reduce dependence on foreign pharmaceutical imports. While the telecom and oil industries have shown significant growth, Ogunjimi pointed out that pharma remains underdeveloped despite its essential nature.

“We need to stop waiting for foreign solutions. The problems we face can only be solved by us—through local entrepreneurship, supported by policy and capital,” he said. “There is immense potential in the Nigerian pharma sector. We need to understand the technical aspects, invest in technology transfer, and ensure local capacity is built from the ground up.”

Ogunjimi stressed that beyond business returns, investing in pharmaceuticals is about saving lives and ensuring that Nigerians have access to affordable and life-saving medicines.

“The Private Sector Must Lead”

PBR Life Sciences CEO, Ayodeji Alaran, warned of the vulnerabilities tied to Nigeria’s overreliance on imports, with nearly 70% of medicines consumed in the country still sourced internationally.

“This overdependence leaves us exposed to exchange rate volatility, international supply chain disruptions, and escalating import costs,” Alaran explained. “With Nigeria’s population projected to surpass 377 million by 2050, and a pharmaceutical market expected to reach $1.01 billion by 2028, we must act now.”

He challenged the private sector to lead a new era of health investment, built on innovation, strategic partnerships, and long-term capital mobilisation. Alaran believes building resilient local manufacturing infrastructure is not just an economic imperative—it’s a national survival strategy.

“Policy Support and Market Assurance”

Keynote speaker Dr. Abdu Mukhtar, National Coordinator of the Presidential ‘Unlocking Healthcare Value-Chain’ Initiative, highlighted several recent policy reforms aimed at catalysing local pharmaceutical production.

He revealed that President Bola Tinubu had signed an Executive Order waiving import duties and VAT on pharmaceutical manufacturing equipment and raw materials—creating a more enabling environment for local producers.

Mukhtar also introduced Medipool, a newly established purchasing organisation approved by the Federal Executive Council. This entity will provide long-term contracts and guaranteed product uptake for local manufacturers, helping them plan production volumes and reduce financial risks.

“Medipool will consolidate procurement across government institutions and health programmes,” he said. “It ensures manufacturers can operate with confidence, knowing a portion of their products will be bought. This is a game changer.”

He further noted that the Nigerian life sciences sector, currently valued at $46 billion, is projected to more than double by 2030. With the right mix of policy and private sector involvement, Mukhtar expressed confidence that Nigeria could meet 70% of its healthcare product demand domestically by the end of the decade.

“Growth as a National Imperative”

As healthcare remains a modest contributor to GDP—just 3-4% in Nigeria compared to 17-18% in countries like the United States—Mukhtar sees enormous growth potential. “Investors looking for growth opportunities must start seeing healthcare and pharmaceuticals as viable and strategic sectors,” he said.

He urged investors to think beyond profits and recognize the sector’s dual value: financial return and societal impact.

“We’re building an ecosystem—through policy, financing, and infrastructure—to ensure local pharma companies can thrive,” he said, while assuring attendees that talks with development finance institutions are already underway to unlock funding for local production.

The summit concluded with a strong consensus that Nigeria’s pharmaceutical future depends on bold action today. Stakeholders agreed that with the right investments, strategic collaborations, and sustained government support, Nigeria can transform from an import-reliant market into a pharmaceutical manufacturing powerhouse serving all of Africa.