They attributed fluctuations in forex as major reason for the exit of some pharmaceutical multinationals from Nigeria.
The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria on Sunday bemoaned the paucity of foreign exchange in the country, saying it had negatively affected the local pharmaceutical industry.
GlaxoSmithKline discontinued operations in Nigeria in August 2023, ending its 51-year existence in the country, while French pharmaceutical manufacturing company, Sanofi, exited Nigeria in November. NAN reports that on June 29, President Bola Tinubu signed an Executive Order removing tariffs and Value-Added Tax on pharma imports.
“This is one major reason why multinational companies are leaving. It’s not the fear of subsidy removal. “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. “The Indian government has provided financial and technical assistance to local manufacturers and has even intervened to secure technology from other countries,” he said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Executive Order: PMG- MAN seeks clear timeline, stable Naira for 70% drug production in Nigeria(PMG-MAN) has posited that a clear timeline and commitment from the Federal government were crucial for the effective implementation of the recent Executive Order signed by President Bola Tinubu on pharmaceutical and medicals.
Read more »
Forex scarcity made pharmaceutical multinationals exit NigeriaThe Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) on Sunday bemoaned the paucity of foreign exchange in the country, saying it had negatively affected the local pharmaceutical industry. They attributed fluctuations in forex as a major reason for the exit of some pharmaceutical multinationals from Nigeria.
Read more »
Cost of Drugs: Emzor set to commence production of pharmaceutical ingredients in NigeriaIn April, Emzor announced plans to construct an API facility in Sagamu, Ogun State, worth $23 million.
Read more »
Executive Order: Drug makers seek clear timeline, stable naira for 70% productionThe Pharmaceutical Manufacturers Group of Manufacturers Association of Nigeria, PMG-MAN, Association of Community Pharmacists in Nigeria, ACPN, and Association of Medical Laboratory Scientists, AMLSN, have expressed displeasure over delayed implementation of the Executive Order signed recently by President Bola Tinubu on pharmaceutiacls and...
Read more »
Celebrating Father Ehusani on Father’s Day, By Majeed DahiruPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
A song for Nigeria’s Children’s Day, By Niyi OsundarePremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »