Nigeria’s drug makers are battling with a rising input cost amid still sky-high inflation and weak naira that have seen their costs almost double in one year, an analysis by BusinessDay has shown.
Four of Nigeria’s listed drug makers saw their combined cost of sales surge from N15.5 billion in the first three months of 2024 to N29 billion in Q1 2025, an 88 percent leap, underscoring how naira volatility is driving up the price of imported raw materials.
Despite these mounting costs, the sector delivered robust top‑line growth over the same period as they jerked up product prices to stay afloat.