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Local Drug Manufacturers Want Lower Interest, Exchange Rates

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Medication Drugs

By Adedapo Adesanya

The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) has called on the government to bring down the interest and exchange rates.

The group attributed fluctuations in forex as a major reason for the exit of some pharmaceutical multinationals from Nigeria.

The group at a news conference in Lagos on the forthcoming 7th Edition of the Nigeria Pharma Manufacturers Expo (NPME) from September 4 to 5, 2024, bemoaned the paucity of FX in the country, saying it had negatively affected the local pharmaceutical industry.

Recall that some multinational pharmaceutical companies, including GlaxoSmithKline and Sanofi Nigeria Limited, exited the country within the past year.

The Chairman of the Local Organising Committee (LOC) of NPME 2024, Mr Patrick Ajah, said that for the domestic pharmaceutical industry to progress, a stable exchange rate was essential.

Mr Ajah, a pharmacist and the Managing Director of May & Baker, said that many companies are also on standby for the implementation and take-off of the recently announced Executive Order.

On June 29, President Bola Tinubu signed an Executive Order removing tariffs and Value-Added Tax (VAT) on pharmaceutical imports.

The order introduces zero tariffs, excise duties, and VAT on specialised machinery, equipment and pharmaceutical raw materials to bolster local production of essential healthcare products.

The order has yet to take effect.

“Unless the value of Naira is fixed, achieving the country’s target of 70 per cent in local drug manufacturing will remain a mirage.

“The government will need to do certain things to achieve 70 per cent local drug production.

“The recent fluctuations in the value of the Naira have made it difficult for companies to plan and invest.

“This is one major reason why multinational companies are leaving. It’s not the fear of subsidy removal.

“If we didn’t tamper with the currency, all the multinational companies would be here and they would still be making more investment.

“[However], if somebody brought his money, when they were bringing the money, and all the money from outside by multinational companies will have to go through the banking system.

“I’m telling you because I was involved in it. And when it gets through the banking system, it will be at the official rate.

“So, you brought in money to come and build a facility at the exchange rate of N316, and now you’re going to be remitting the money at N1,500 and something, and you can’t even find the Dollar.

“Many companies will not be able to cope. So fixing our exchange rate is going to be the one single thing that will immediately reset where we are,” he said.

Mr Ajah also called for increased government support for the local pharmaceutical industry.

According to him, with the right support, Nigeria can produce 70 per cent of the medicines it consumes.

He cited India as an example, saying that the country supported its domestic pharmaceutical industry, and today, India is notable for drug manufacturing.

“The Indian government has provided financial and technical assistance to local manufacturers, and has even intervened to secure technology from other countries,” he said.

Mr Ajah asserted that Nigeria had the capacity for local production of diverse drugs but that many companies lacked the financial resources to invest in new facilities or upgrade existing ones.

According to him, the recent devaluation of the Naira worsened the challenge.

He called for a reduction in interest rates, saying that the current rates, which are as high as 30 per cent, present a major barrier to investment in the industry.

On his part, Mr Frank Muonemeh, the Executive Secretary of PMG-MAN, asserted that local pharma manufacturers were currently producing 40 per cent of the medicines used in the country.

He, however, urged for partnerships between governments and local companies, similar to what was being given to other industries such as the cement manufacturing and petroleum industries.

Mr Muonemeh stressed that a strong domestic pharmaceutical industry would strengthen national security.

The 2024 Edition of NPME, the PMG-MAN is themed 40 Years of Advocacy: Fostering Partnership and Innovation to Unlock the Pharma Manufacturing Value Chain in Nigeria, Central & West Africa.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Health

Polaris Bank Sponsors Free Breast, Prostate Cancer Screenings

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Polaris Bank free cancer screenings

By Modupe Gbadeyanka

To commemorate World Cancer Day observed on Wednesday, February 4, 2026, Polaris Bank Limited is bankrolling free screenings for breast and prostate cancers across the country.

The financial institution partnered with a non-governmental organization (NGO) known as Care Organization and Public Enlightenment (COPE) for this initiative.

At least 100 women would be screened during the exercise, scheduled for Saturday, February 21, 2026, at the C.O.P.E Centre on 39B, Adeniyi Jones Avenue, Ikeja, Lagos, from 10:00 am to 2:00 pm.

The exercise will be conducted by trained health professionals and volunteers, ensuring participants receive both screening services and educational guidance on cancer prevention, self-examination, and follow-up care.

To participate in the free breast cancer screening programme, the applicants must be women, must be Polaris Bank account holders, and must have registered ahead of the day via bit.ly/BCS2026, with selection based on early and confirmed submissions.

Polaris Bank said the initiative was designed to promote awareness, screening, early detection, and preventive care, reinforcing its belief that access to health services is a critical foundation for individual and economic well-being.

The organization is already supporting an on-going free prostate cancer screening programme for 250 men aged 40 years and above across Nigeria.

The prostate cancer screening is being conducted at the Men’s Clinic, situated at 18, Commercial Avenue, Sabo, Yaba, Lagos, providing accessible, professional medical support for male participants seeking early detection and preventive care for prostate cancer.

Both initiatives (free breast and prostate cancer screenings) directly aligns with the United Nations Sustainable Development Goals, particularly SDG 3 (Good Health and Well-being) through improved access to preventive healthcare and early detection services, SDG 5 (Gender Equality) by prioritizing women’s health and empowerment, and SDG 17 (Partnerships for the Goals) through strategic collaboration with civil society organizations such as C.O.P.E to deliver community-centered impact.

Educational materials, community engagement sessions, and digital awareness campaigns will be deployed to reinforce key messages around early detection, lifestyle choices, and the importance of regular medical check-ups.

The Head of Brand Management and Corporate Communications for Polaris Bank, Mr Rasheed Bolarinwa, emphasised that early detection remains one of the most effective tools in the fight against cancer.

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Health

NSIA Gets IFC’s Naira-financing to Scale Oncology, Diagnostic Services

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NSIA MedServe

By Adedapo Adesanya

International Finance Corporation (IFC), a subsidiary of the World Bank, and the Nigeria Sovereign Investment Authority (NSIA) have partnered to provide Naira-denominated financing to NSIA Advanced Medical Services Limited (MedServe), a wholly owned healthcare subsidiary of the country’s  wealth fund.

Supported by the International Development Association’s Private Sector Window Local Currency Facility, this financing enables MedServe to scale critical healthcare infrastructure while mitigating foreign exchange risks. IFC is a member of the World Bank Group.

The funds will support MedServe’s expansion program to establish diagnostic centers, radiotherapy-enabled cancer care facilities, and cardiac catheterisation laboratories across several Nigerian states.

These centres will feature advanced medical technologies, including CT and MRI imaging, digital pathology labs, linear accelerators, and cardiac catheterisation equipment, thereby enhancing specialised diagnostics and treatment.

MedServe provides sustainable service delivery with pricing that matches local income levels, helping ensure broader access to affordable oncology care for low-income patients.

The initiative will deliver over a dozen modern diagnostic and treatment centers across Nigeria, create 800 direct jobs, and train more than 500 healthcare professionals in oncology and cardiology specialties.

The total project size is $154.1 million, with IFC contributing roughly N14.2 billion ($24.5 million) in long-tenor local currency financing, marking IFC’s first healthcare investment in Nigeria using this structure.

This comes as Nigeria advances its aspirations for Universal Health Coverage. This partnership provides an opportunity to leverage private investment to complement government efforts to expand oncology care and diagnostic services.

IFC’s provision of long-tenor Naira financing addresses a significant market gap and unlocks institutional capital for healthcare infrastructure with strong development upside while MedServe’s co-location strategy with public hospitals maximises capital efficiency and strengthens the public-private ecosystem, establishing a replicable platform for future investment.

“This partnership with IFC represents a significant milestone in NSIA’s commitment to strengthening Nigeria’s healthcare ecosystem through sustainable, locally anchored investment solutions,” said Mr Aminu Umar-Sadiq, managing director & chief executive of NSIA.

He added, “By deploying long-tenor Naira financing, we are addressing critical infrastructure gaps while reducing foreign exchange risk and ensuring that quality diagnostic and cancer care services are accessible to underserved communities. MedServe’s expansion underscores our belief that commercially viable healthcare investments can deliver strong development impact while supporting national health priorities.”

“This ambition is consistent with our broader vision for Africa, one where resilient health systems and inclusive growth reinforce each other to deliver long-term impact across the continent,” said Mr Ethiopis Tafara, IFC Vice President for Africa.

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Health

Lagos Steps up Mandatory Health Insurance Drive

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Mandatory Health Insurance Drive

By Modupe Gbadeyanka

Efforts to entrench mandatory health insurance through the Ilera Eko Social Health Insurance Scheme in Lagos State have been stepped by the state government.

This was done with the formal investiture of the Commissioner for Health, Professor Akin Abayomi, and the Special Adviser to the Governor on Health, Mrs Kemi Ogunyemi, as Enforcement Leads of the Lagos State Health Scheme Executive Order and ILERA EKO Champions.

The Commissioner described the recognition as both symbolic and strategic, noting that Lagos is deliberately shifting residents away from out-of-pocket healthcare spending to insurance-based financing.

“We have been battling with how to increase enrolment in ILERA EKO and change the culture of cash payment for healthcare. Insurance is a social safety net, and this mindset shift is non-negotiable,” he said.

He recalled that Lagos became the first state to domesticate the 2022 National Health Insurance Authority (NHIA) Act through an Executive Order issued in July 2024, making health insurance mandatory. He stressed that the decision reflected the Governor’s strong commitment to healthcare financing reform, adding, “When Mr. Governor personally edits and re-edits a document, it shows how critical that issue is to the future of Lagosians.”

Mr Abayomi also warned against stigmatisation of insured patients, describing negative attitudes towards Ilera Eko enrolees as a major barrier to uptake. “If someone presents an Ilera Eko card and is treated as inferior, uptake will suffer. That must stop,” he said, pledging to prioritise insurance compliance during facility inspections. “The key question I will keep asking is: ‘Where is the Ilera Eko?’”

In her remarks, Mrs Ogunyemi, said the enforcement role goes beyond a title, stressing that the health insurance scheme is now law.

“This is about Universal Health Coverage and equitable access to quality healthcare for everyone in Lagos State,” she said, noting that ILERA EKO aligns with the state’s THEMES Plus Agenda.

She commended the Lagos State Health Management Agency (LASHMA) for aggressive sensitisation efforts across the state, saying constant visibility was necessary to address persistent gaps in public knowledge. “People are still asking, ‘What is Ilera Eko?’ ‘Where do I enrol?’ Those questions tell us the work must continue,” she said.

She urged all directors and health officials to mainstream Ilera Eko promotion in every programme and engagement, emphasising that responsibility for health insurance advocacy does not rest with LASHMA alone. “When people come with medical bills, the first question should be: are you insured?” she said, adding that early enrolment remains critical as premiums rise over time.

Earlier, the Permanent Secretary of LASHMA, Ms Emmanuella Zamba, said the investiture marked a critical step in positioning leadership to drive enforcement of the Executive Order across the public service.

“What we are undertaking is pioneering in Nigeria. All eyes are on Lagos as we demonstrate how mandatory health insurance can work,” she said.

Ms Zamba disclosed that enforcement nominees across Ministries, Departments and Agencies have been trained, with a structure in place to ensure compliance beyond the health sector.

According to her, “This initiative cuts across the entire public service, particularly public-facing MDAs, in line with the provisions of the Executive Order.”

She explained that the formal designation of the Commissioner and the Special Adviser as Enforcement Leaders was meant to strengthen compliance, alongside the Head of Service, while also recognising their consistent advocacy for universal health coverage. “This decoration is to amplify their roles and appreciate the leadership they have shown,” she said.

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