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Why Nigeria?
In Nigeria, specifically, Goldstein Research predicts a robust Compound Annual Growth Rate (CAGR) of 9.1% for the pharmaceutical market from 2017 to 2030. This aligns with McKinsey Company’s 2017 analysis, which projected an annual market growth of up to 9%, potentially reaching $3.6 billion by 2026.
As Africa’s most populous nation, with over 220 million residents, Nigeria promises much potential for growth. United Nations projections paint a future where, by 2050, Nigeria’s population will soar to approximately 377 million, placing it just behind global giants India and China.
Nigeria’s President Bola Ahmed Tinubu recently signed an order to remove tariffs and VAT on pharmaceutical imports, aiming to make medicines more affordable and accessible. Initiatives like these are critical for enhancing production, distribution, and overall industry growth in the region.
Nigeria’s total healthcare spend of $10 billion
Efficient public-private partnerships
Nigeria’s position as Africa’s largest economy and pharma market potential
By 2050, Nigeria’s population will soar to approximately 377 million
Nigeria’s competitive advantage
Nigeria’s Vision 2050: The Nigeria Agenda 2050 projects annual average real GDP growth rate of 7.0 percent during 2021-2050. Per capita annual income is projected to rise to about US$ 33,328.02 by 2050, making the country to comfortably reach upper-income status. Underpinned by productive capital accumulation by both the private and public sectors.
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