Elizabeth O.
Minister of State for Health Reveals Reasons Behind Pharmaceutical Companies’ Exit from Nigeria
Dr. Tunji Alausa, the Minister of State for Health and Social Welfare, revealed this information during a symposium on World Cancer Day held in Abuja on Monday, February 5.
“We need to change the narrative that companies are leaving our country due to the challenges of doing business. That is not accurate,” Alausa stated. “Let’s face the reality: Nigeria is blessed with a wealth of skilled manpower. If you look at any advanced democratic nation, a significant portion of operating costs for businesses is allocated to personnel, and we have an abundance of it in Nigeria at a reasonable and affordable rate.”
He continued, “These pharmaceutical companies left because we have pharmaceutical laws in place.
There is a NAFDAC policy known as 5+5, which requires companies to domesticate their production after marketing drugs for five years.
However, they did not comply with this requirement and continued to market their products for decades. We are currently reviewing our pharmaceutical laws to ensure that we do not encounter this situation again.”
Alausa emphasized that as companies exit, Nigeria remains a favorable investment destination with ample opportunities for manufacturing. “We have a population of 220 million, which represents a significant consumer base. The country is experiencing a renewed interest from potential investors.
President Bola Ahmed Tinubu is actively working to improve the ease of doing business in Nigeria, and we are developing policies to attract more companies,” he added.
He concluded, “Therefore, we should not be overly concerned about a few companies leaving.
We are striving to encourage more companies to enter the country while also supporting the growth of domestic pharmaceutical companies to fill the gaps left behind.”
