The pharmaceutical industry in Nigeria gathered for a pivotal conference at the Providence Hotel in GRA, Ikeja, on Thursday, March 13, 2025 as Pharm. Ken Onuegbu, the Chairman of the Association of Industrial Pharmacists of Nigeria (NAIP) and MD/CEO of Xential Pharmaceuticals,welcomed key industry leaders, including Pharm. Tanko Ayuba, President of the Pharmaceutical Society of Nigeria (PSN); Pharm. Ambrose Ezeh, ACPN National Chairman; Pharm. Elechi Oyim, AHAPN National Chairman; Pharm. Uchenna Uzoma Apakama, PSN-BOF National Chairman; Professor Catherine Nonyelum Stanley; NAPA National Chairman among others. This year's forum was themed "Surviving the Shocks and Taming the Tides by Pharmaceuticals Industry Key Players," addressing the profound economic challenges currently impacting the sector.
In his opening remarks, Pharm. Ken Onuegbu emphasized the unprecedented hardships facing the pharmaceutical sector. “When Robert Schuller said, ‘Tough times don’t last but tough people do,’ it was as if his primary constituency is Nigeria,” he stated. Onuegbu drew attention to the myriad challenges the industry has faced over the past 1-3 years, including soaring operational costs exacerbated by high diesel prices and regulatory hurdles. “Our fate in a better tomorrow is uncommon. That is why I and my team ensure this forum is taken seriously annually so that we can come together, discuss challenges, and brainstorm solutions."
Pharm. Ibrahim Tanko Ayuba, President of the PSN, praised the initiative, stating, “NAIP is now accelerating. The manufacturing industry you represent is the face of pharmacy, especially when government discussions focus on economic contributions.” Ayuba acknowledged the importance of NAIP's Economic Outlook Forum for analyzing the current state of the pharmaceutical industry and projecting future challenges and opportunities.
Keynote speaker, Mr. Alexander Ayoola Okoh, former Director General of the Bureau for Public Enterprises, delivered a compelling address emphasizing the relevance of the forum's theme in today’s volatile environment. “The theme could not be more pertinent as we navigate a period of macroeconomic turbulence, supply chain disruptions, and transformative opportunities within the pharmaceutical sector,” he asserted. Okoh elaborated on the pressing issues confronting the industry, including Nigeria's significant public debt, which has surpassed 150 trillion naira, consuming 98% of federal revenue on debt servicing. He warned, “This leaves little fiscal space for critical infrastructure investments needed to enhance local production and market competitiveness.”
He also addressed the Central Bank of Nigeria's recent decision to raise the policy rate to 27.5%, restricting access to affordable credit for manufacturers. “High energy costs remain a significant challenge. Diesel prices have skyrocketed to about #1200 per litre, making pharmaceutical production increasingly expensive and uncompetitive compared to global counterparts,” Okoh stated. He highlighted the necessity for strategic investments in the sector and the potential for Nigeria's pharmaceutical companies to expand across Africa, ultimately boosting local production and self-sufficiency.
Dr. Fidelis Ayebae, MD/CEO of Fidson Healthcare and Chairman of the forum, offered poignant remarks, stating, “I want to emphasize a very mundane thing that we often overlook: it is about being humble in everything that you do. Unfortunately, Nigeria has developed tendencies that tend to destroy not just the present but also the future. We must not forget our past, nor should we allow the current generation to neglect building examples for those who will come after us.” He added, “We have become a nation of very arrogant people who believe that everything Nigeria is, is the best it can be. This arrogance destroys the very fabric of our country. We are over 220 million people, and it is time for humility and to build a nation in a manner that the next generation can emulate and improve upon.”
Reflecting on the journey to the current state of the industry, Ayebae stated, “Being humble and developing delayed gratification within your company, creates an oasis of sanity around yourself, shielding you from the noise. It’s not the grand gestures that matter; it’s the small things we have failed to address as a nation. Our politicians today are not living and leading by example.” Ayebae shared his perspective on leadership, saying, “I see myself as a servant of my staff and other stakeholders, not as the owner of the business. Challenges are inevitable, but they won’t last. We must ensure that we operate within our means in a way that supports Nigeria rather than undermining it.”
In an exclusive interview with CEOAFRICA, Pharm. Ken Onuegbu further elaborated on the forum's objectives, highlighting the urgent need to explore solutions to the turbulence that has characterized the industry in recent years. “This forum is not just about discussion but about actionable strategies. We need to analyze our current situation and propose solutions that will support the sector,” he stated. Onuegbu emphasized that the event serves as a vital opportunity for industry leaders to collaborate and strengthen their support for one another, as well as for government agencies.
Pharm. Elechi Oyim, the National Chairman of AHAPN, expressed satisfaction with the conference outcomes, affirming its success. He noted, “Local manufacturing remains the way to stabilize our economy, create jobs, and build capacity.” Oyim reiterated AHAPN's commitment to collaborating with NAIP for a strong pharmaceutical business environment and called for legislative support to address debt accumulation issues within the industry.
Dr. Uchenna Elemuwa, Director for Pharmacovigilance at NAFDAC, also commended the conference's organization and the critical discussions that took place. “The pharmaceutical industry is vital in providing quality, efficacious, and safe medicines. Effective pharmacovigilance is essential in ensuring patient safety,” she stated, urging consumers to report any adverse reactions to medications. She emphasized that both regulatory bodies and consumers share the responsibility for maintaining the safety and integrity of the healthcare system.
The event attracted numerous notable figures from the pharmaceutical sector, including Pharm. Martins Igbonacho, MD/CEO of Altinez Pharmaceuticals, who joined fellow industry leaders in discussions aimed at advancing Nigeria's healthcare landscape. The forum proved to be a vital platform for collaborative discussions that fostered innovation and strengthened partnerships within the pharmaceutical industry.
As the forum concluded, participants left with a shared sentiment of cautious optimism, determined to approach the future as a united front. The importance of collaboration across various stakeholders—manufacturers, regulatory authorities, and government agencies—was unequivocally acknowledged. With a renewed commitment to navigate the challenges ahead, the leaders expressed their belief that, through partnership, resilience, and strategic interventions, Nigeria’s pharmaceutical sector can overcome its current adversities and emerge stronger in the years to come.
With insightful discussions and thought-provoking speeches guiding their journey, the path forward for Nigeria’s pharmaceutical industry appears fraught with both challenges and opportunities, reinforcing the necessity for unity in pursuit of a thriving future.
