By Becky Momodu
The Federal Government has secured about $2 billion in funding commitments at single-digit interest rates under the Presidential Initiative to Unlock the Healthcare Value Chain (PVAC), with about 50 Nigerian health firms currently in advanced discussions to access the funds.
The Minister of State for Health and Social Welfare, Dr. Iziaq Adekunle Salako, disclosed this on Monday while declaring open the 8th Nigeria Pharma Manufacturers Expo organised by the Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) in Lagos.
Salako said the initiative was designed to strengthen local pharmaceutical manufacturing and reduce Nigeria’s dependence on imported medicines and other critical healthcare products.
He added that PVAC was targeting at least 70 per cent local production of essential healthcare products by 2030, describing domestic manufacturing capacity as critical to achieving medicine security and strengthening the country’s healthcare resilience.
According to him, the disruptions caused by the COVID-19 pandemic and changing global healthcare financing landscape have demonstrated the need for Nigeria and other African countries to develop stronger domestic capacity to produce medicines, vaccines, diagnostics and other essential health technologies.
The minister said the Federal Government had introduced strategic interventions, including PVAC and the Presidential Executive Order for Pharmaceutical and Allied Sectors, to revitalise local manufacturing and strengthen the health value chain.
He disclosed that 87 local manufacturers were already benefiting from the implementation of the Executive Order, which provides zero tariffs on pharmaceutical machinery, active pharmaceutical ingredients (APIs) and excipients across almost 1,000 Harmonised System codes.
Salako also highlighted efforts to expand local production of APIs, vaccines, biologics, diagnostics and other health commodities, including the operationalisation of the NIPRD API Capacity Building and Concept Production Centre.
He urged pharmaceutical manufacturers, researchers, investors and development partners to increase investment in research, innovation and regional manufacturing, while leveraging the African Continental Free Trade Area to expand markets and improve competitiveness.
The minister said the establishment of Medipool, Nigeria’s national Group Purchasing Organisation for essential medicines and medical commodities, would also help create predictable demand for locally manufactured products through aggregated procurement and bulk purchasing.
He expressed confidence that sustained collaboration among stakeholders would help Nigeria achieve greater medicine security and build a more resilient pharmaceutical manufacturing ecosystem.
