Pharmaceutical Manufacturers Group of Manufacturers Association of Nigeria (PMG-MAN) has urged the federal government to fortify the naira against the dollar, in order to achieve 70 per cent local drug production in Nigeria. They made the call a few days after President Bola Tinubu signed the executive order. The main goal of the executive order was to boost local drug production to 70 per cent.
The chairman, Local Organising Committee, (LOC) of the 7th Edition of Nigeria Pharma Manufacturers Expo, (NPME), Pharm Patrick Ajah, in an interview with LEADERSHIP, said the government will need to do certain things in order to achieve 70 per cent local drug production, adding that 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, it’s because we have tampered with the currency.
For instance, some investors brought in money to come and build a facility at the exchange rate of N316, and now they are remitting the money at N1,500. 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 everything,” Ajah posited.
For smooth implementation of the executive order, Ajah also recommended the need for the government to follow up and make sure it’s done. “Since the signing of the executive order, nobody has engaged us in the process. Let me be ho.