For the Nigerian pharmaceutical industry to attract significant investment from multinational companies, the Federal Government must tackle insecurity and infrastructural deficits head-on, as these challenges are discouraging investors from doing business with local manufacturers, the Managing Director of May & Baker Nigeria Plc, Pharm. Patrick Ajah, has said.
Ajah, who described Nigeria as the cynosure of many investors at present, partly due to the economic instability in Europe and America, however, disclosed that many potential investors were sceptical about doing business in the country because of the prevalent insecurity, power outages and infrastructural challenges facing local manufacturers. He called on the government to address the issues as a matter of urgency.
The May & Baker boss made this disclosure at a media parley in his office during the presentation of the 2026 Excellence in Leadership Award plaque to him by the Akinjide Adeosun Foundation.
The Excellence in Leadership awardee explained the importance of leadership in the pharmaceutical industry, citing several calls he received daily from interested investors, but said the realities of the state of the nation often made them reconsider their plans.
“I currently have no fewer than 10 companies from America and Europe that want to explore partnerships with us,” he said. “There is significant interest in investing in Nigeria, particularly because Europe is relatively stagnant and America is facing economic challenges.”
He continued, “For investors looking at Africa, Nigeria remains a major destination. This is an opportunity for Nigeria to attract investment. However, when we explain the challenges, including infrastructure and insecurity, some investors become uncertain about whether investment is still viable.”
The May & Baker boss charged the government to rise to the occasion by resolving the bottlenecks to pharmaceutical investment identified, in order to take advantage of the current interest in the country and grow the Gross Domestic Product.
According to him, the government needs to do as much as possible to address insecurity and infrastructural challenges. Fortunately, he said, some investors who had previously done business in Nigeria understood that Nigerians always found a way to overcome challenges and remained interested in the country.
Narrating how unsafe some parts of the country had become at one time, he said, “There are some parts of the country where we do not allow our representatives to travel because of insecurity. At the peak of the insecurity, for instance, there were areas in Jos where it would have been irresponsible to send our representatives because they could have been targeted.”
He underscored the importance of addressing the situation before it got out of hand.
“The issues of power, infrastructure and all of that are a problem. In fact, the next one we are seeing now is that people, most of our pharmacists, are running out of the country. So, you keep looking for a good person to hold the position; it is difficult.
“And I think these are things the country needs to know. The leaders of the country need to know. If countries keep collapsing, then we are not going anywhere,” he reiterated.
Asked how soon he believed the government could respond to these challenges, he expressed optimism in the Nigerian government and people, linking this to faith in God, which he described as a core value of the company. He noted that the combination of these elements could fast-track the changes needed in the country.
“However, we must continue making progress and address the challenges of insecurity and infrastructure. A conducive business environment is essential for attracting investment. Nigeria needs to be different from what it is today, particularly in the area of security,” he asserted.
Speaking on the performance of May & Baker products in the market, he said they had performed well over the past year, while the company was aiming for higher targets in the near future.
“We recently concluded our strategy session, although I cannot disclose the details yet because we are still awaiting feedback.”
Looking at the last five years, he disclosed that the company had quadrupled its revenue, adding that he had challenged his team to double their current revenue over the next three years and that they believed it was achievable.
“The key question is where we should invest, given the current economic conditions. I believe the future is bright because the gap created by the exit or downsizing of many multinational pharmaceutical companies in Nigeria has not yet been fully filled,” he said.
