New Market Report: Nigeria Pharmaceuticals & Healthcare Report Q4 2014

From: Fast Market Research, Inc.
Published: Tue Sep 02 2014

Nigeria's economy is largely dependent on its Oil and Gas sector. The likelihood of further divestments by international oil companies from the sector creates a downside risk to increasing government revenue, healthcare provision and medicines uptake over the long term. Currently, the government remains committed to improving healthcare infrastructure and quality across the country. We see Nigeria as a standout market in West Africa due to prevailing socio-economic factors within the country. We believe there is a considerable commercial opportunity unravelling given the scale of private spending on healthcare and the large, unaddressed disease burden present. However, affordability and pertinent risks will continue to prevent these opportunities from being fully realised.

Full Report Details at

Headline Expenditure Projections

* Pharmaceuticals: NGN203.66bn (USD1.28bn) in 2013 to NGN265.60bn (USD1.63bn) in 2014; +30.4% in local currency terms and +27.7% in US dollar terms.
* Healthcare: NGN2,800.63bn (USD17.59bn) in 2013 to NGN3,111.89bn (USD19.13bn) in 2014; +8.8% in local currency terms and +11.1% in US dollar terms.


In Q414, Nigeria maintains its Q314 Pharmaceutical Risk/Reward Rating (RRR) score of 38.3 out of 100, ranking 20 th in the Middle East and Africa matrix. Nigeria is regarded as a low-reward, high-risk proposition for multinationals due to drug counterfeiting, corruption and poor pharmaceutical regulations governing the market.

Key Trends And Developments


The lack of coordination between Nigeria's lower and upper house led the coalition government to request that President Goodluck Jonathan sign the country's National Health Bill, reports allAfrica, citing Health Reform Foundation of Nigeria (HEFRON)'s Chairman Ben Ayene. If the bill is signed by Jonathan, it will clearly define the roles and functions of the three tiers of the government on health-associated matters. The bill is likely to help Nigeria attain universal...

The Nigeria Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.

BMI's Nigeria Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Nigerian pharmaceutical and healthcare industry.

Key Benefits

* Benchmark BMI's independent pharmaceutical and healthcare industry forecasts for Nigeria to test other views - a key input for successful budgeting and strategic business planning in the Nigerian pharmaceutical and healthcare market.

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