– As NAIP Hosts 2025 Economic Outlook and CEO Forum
The Association of Industrial Pharmacists of Nigeria (NAIP) recently held its 2025 Economic Outlook and CEO Forum, bringing together key stakeholders in the pharmaceutical industry to analyse current challenges and strategise for the future.
The event, themed “Surviving the Shocks and Taming the Tides by Pharmaceutical Industry Players” provided a platform for thought-provoking discussions on economic uncertainties, regulatory concerns, and pathways for industry growth.
Speaking at the event, the President, Pharmaceutical Society of Nigeria (PSN), Pharm. Tanko Ayuba commended NAIP’s progress, leadership and foresight, crediting its growth to visionary leadership. “NAIP, under the touch of Dr Lolu Ojo has accelerated in an unprecedented manner until now when it is being led by Ken Onuegbu, Pharm. Ayuba said.
The PSN President highlighted the critical role of the manufacturing sector in shaping the pharmaceutical industry, emphasising the need for continued engagement with the government.
“When the government discusses pharmaceuticals, they focus on those who drive economic activities rather than the pharmacists themselves. This is why industry players must advocate for policies that truly support the sector,” he added.
In his remark, the Chairman of the occasion, the MD/CEO of Fidson Healthcare Limited, Dr Fidelis Ayebae called for national transformation and ethical business practices. While speaking on the state of Nigeria’s economic and political landscape, he lamented the lack of historical awareness and responsible leadership, urging business leaders to cultivate humility and long-term vision.
“Nigeria has developed tendencies that destroy not only the present but also the future. We need to build a legacy that upcoming generations can emulate,” he stated. He also criticized poor governance and self-serving leadership, advocating for ethical business practices and resilience in the face of adversity. “The time to build a nation that values hard work and honesty is now,” he added.
In his remarks, the Chairman of NAIP, Pharm. Ken Onuegbu provided an in-depth analysis of the economic turmoil affecting the pharmaceutical industry. He acknowledged that while the challenges are global, Nigeria’s pharmaceutical sector has been particularly hard hit.
“To see an investor in this industry still standing today is a testament to resilience. Many local companies have shut down because they cannot withstand the economic shocks,” he noted. He further lamented the high cost of doing business, citing issues such as forex instability, power supply problems, and bureaucratic bottlenecks at the ports.
Onuegbu reiterated NAIP’s commitment to fostering industry-wide collaboration through events like the Economic Outlook and CEO Forum. “This forum is a stepping stone for us to come together, discuss our challenges, and brainstorm solutions. Our vision is to see Nigeria’s pharmaceutical industry grow to contribute significantly to the country’s GDP, just as India, China, and Malaysia have done,” he said.
The Indian Consul General in Lagos, Mr Chandramaouli Kumar Kern, underscored the strong pharmaceutical relationship between India and Nigeria. “India has been a consistent supplier and partner in Nigeria’s pharmaceutical industry. We believe in the importance of local manufacturing and stand ready to support Nigeria in developing a robust pharmaceutical manufacturing model,” he stated.
Kern emphasised that pharmaceutical production is not merely a business but a life-saving effort that requires careful planning and execution. He urged Nigerian stakeholders to embrace global collaborations, stating, “This is a global relationship. Nigeria has the potential to be a supplier to the entire African region and beyond.”
Meanwhile, the Pharmacy Council of Nigeria (PCN) has pledged continued support for the industrial pharmacists. The Council Registrar, who was Pharm. Babasehu Ahmed ably represented by a Director, Amina Umar praised NAIP and other industry players for their resilience and commitment to excellence. “Your innovative spirit and determination have enabled you to navigate the complexities of the industry,” she stated.
The PCN boss projected a positive economic outlook for the sector, citing a potential increase in demand for locally produced medicines, improved foreign exchange stability, and a more favourable business environment. “The Pharmacy Council of Nigeria remains committed to partnering with you to foster innovation and enhance access to essential medicines,” the registrar assured.
Meanwhile, the keynote speaker at the event, a former Director-General of the Bureau for Public Enterprises, Mr Alexander Ayoola Okon, said the Nigerian pharmaceutical industry must embrace resilience and innovation to navigate economic turbulence.
Delivering his keynote address on the theme “2025 Economic Outlook: Surviving the Shocks and Taking the Tides by Pharmaceutical Industry Players,” Okon described the operating environment in the pharma industry as fraught with uncertainty, complexity, and ambiguity.
According to the keynote speaker, inflation, currency depreciation, and high energy costs are increasing the cost of pharmaceutical production, making Nigeria less competitive globally, adding that the naira’s depreciation, currently trading at around ₦1,570 to the US dollar on the parallel market, is exacerbating the challenges faced by pharmaceutical manufacturers, who rely heavily on imported raw materials and machinery.
Despite the harsh economic climate, Okon identified several growth opportunities for Nigeria’s pharmaceutical industry among which are the African Continental Free Trade Agreement (AfCFTA), noting that with a $3.4 trillion market, Nigerian pharmaceutical firms can expand exports and increase market share across Africa.
He said, “the Nigerian pharma industry plan aims to boost local production of Active Pharmaceutical Ingredients (APIs) to 40 percent by 2030, reducing import dependence. Investing in local vaccine production for malaria, tuberculosis, and hepatitis can improve public health outcomes and reduce reliance on imports. The rise of telemedicine and online pharmacies offers new distribution models that enhance drug accessibility”.
Okon urged pharmaceutical industry leaders to adopt a proactive approach by forming coalitions to advocate for policy reforms, investing in workforce upskilling, and leveraging digital transformation.
“The pharmaceutical industry must think globally but act locally,” he emphasised.
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