Business

Nigeria’s pharmaceutical imports drop 63% in two years

The worsening shortage of foreign exchange in Nigeria is hurting its ability to maintain a consistent supply of drugs.


According to new data from the International Trade Centre, a multilateral agency, the importation of pharmaceutical products into Nigeria dropped for the second straight time to $1.05 billion in 2022, a 23.4 percent decline from $1.37 billion in 2021.


It also declined by 63.0 percent from $2.84 billion in 2020. Pharmaceutical exports reduced by 65.0 percent to $779 million last year.