Nigeria's pharma market poised for CAGR of nearly 10% over five years to 2014

Nigeria remains third-last of the 17 key Middle East and Africa (MEA) markets tracked by Business Monitor International, only above Zimbabwe and Kenya. A sizeable counterfeiting industry, poor health care funding, corruption and a number of other issues will conspire to keep Nigeria in a similarly lowly position in the MEA matrix over the coming months, despite its dynamic growth prospects and positive economic outlook.

Having been valued at 90.04 billion naira ($600 million) in 2009, Nigeria's pharmaceutical market is forecast to post a compound annual growth rate (CAGR) of 9.97% over BMI's five-year forecast period to 2014, reaching 144.8 billion naira ($1.18 billion). Measured in US dollar terms, the rate of growth will be even stronger, at over 14.3%, as the naira gains strength.