The Federal Government has attributed the departure of pharmaceutical companies from Nigeria to the absence of local incorporation of their products in the country.
Speaking at a World Cancer Day symposium in Abuja on Monday, February 5, Dr. Tunji Alausa, the Minister of State for Health and Social Welfare, revealed this development.
“We need to change the narrative that companies are leaving our country due to business difficulties, which is not entirely accurate. Let’s acknowledge the fact that Nigeria possesses a wealth of skilled manpower,” Alausa emphasized.
“In advanced democratic nations, the most significant portion of operating costs for businesses is personnel, and Nigeria offers ample human resources at a reasonable and competitive rate.
“These pharmaceutical companies departed because of our pharmaceutical laws. There’s a NAFDAC policy known as 5+5, whereby after marketing drugs for five years, companies are expected to localize their production.
“However, they failed to do so and continued marketing for decades. Now, we are revising our pharmaceutical laws to prevent such situations in the future.
“As companies leave, our country presents ripe investment opportunities, attracting other companies. With a population of 220 million, Nigeria offers a vast consumer market.
“We are witnessing renewed interest in investing in the country. President Bola Ahmed Tinubu is actively improving the ease of doing business in Nigeria. Our nation is poised to become a prime destination for investors in the near future, with comprehensive policies being formulated.
“Hence, while some companies may exit, we are focused on encouraging more to invest in Nigeria. We are also bolstering our domestic pharmaceutical sector to bridge any gaps left behind.”
