The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria emphasizes the need to address the continuous depreciation of the naira against major foreign currencies to enhance the effectiveness of President Bola Tinubu’s Executive Order on pharmaceuticals in boosting local drug production. Despite acknowledging the benefits of the order, PMG-MAN highlights the critical importance of a stable exchange rate for the success of the domestic pharmaceutical industry.
The group urges the Federal Government to implement the order promptly to prevent further increases in drug prices. The recent instability of the naira is attributed to the decision to float the currency, leaving it vulnerable to market forces.
To achieve the target of 70% local drug manufacturing set by the executive order, industry leaders stress the necessity of a clear timeline for implementation. The Government’s support is crucial in ensuring the success of the local pharmaceutical industry and reducing dependency on imports. The upcoming Nigeria Pharma Manufacturers Expo aims to promote innovation and partnerships to drive the country towards producing 70% of its medicines locally.