The Association of Community Pharmacists of Nigeria (ACPN) says Nigeria’s pharmaceutical industry could grow five times bigger and reach \$10 billion in value within the next five years. This is because local manufacturers and investors are putting millions of dollars into making key drug ingredients known as Active Pharmaceutical Ingredients (APIs).
ACPN’s National Chairman, Ambrose Ezeh, and National Secretary, Omokhafe Ashore, shared this information in a statement released ahead of their 44th annual national conference.
Ezeh said Nigerian drug manufacturers and big investors are already building API production plants, each costing tens of millions of dollars. He said this effort will strengthen Nigeria’s medicine supply and help make the country a major drug producer in Africa.
He explained that the industry used to be worth around \$2 billion, but with these new investments, it could grow to \$10 billion in the next five years.
The ACPN said Nigeria’s pharmaceutical industry has the potential to boost the country’s economy, just like it has in countries like India and China where the drug industry plays a big role in national development.
The group said it is committed to working with local drug makers to make medicine more available and keep the industry strong over time. It called on federal and state governments to support the industry by making it easier to get equipment and raw materials needed for quality production.
Ezeh said all levels of government should give special support to the pharma sector so that manufacturers can get what they need to meet international standards. He added that making drugs locally will create jobs, grow the economy, improve national security, and allow Nigeria to trade more with other countries.
The ACPN also stressed that Nigeria must take full advantage of the African Continental Free Trade Agreement. They said this deal is a great opportunity to grow exports and sell Nigerian-made drugs across Africa.
