Nigeria's drug market to reach $298M by 2010

A report by UK-based Business Monitor International has forecast that Nigeria's drug market will experience "sluggish" growth over the next five years, with market value reaching only $298.0 million in 2010, representing about $2 per capita. Despite finding that "Nigeria's pharmaceutical market continues to punch below its weight, with the country's large and rapidly expanding population failing to act as a fulcrum to sector development," BMI remains "cautiously optimistic" about the potential of the west African nation's drug market.

Among the overall impressions reported by the study, Nigeria's economic dominance of western Africa and "strong entrepreneurial ethic" mean the country could have a powerful impact on the surrounding region, comparable to South Africa's regional influence.

The key challenge for Nigeria, BMI notes, is the "scourge of counterfeit drugs, which are endemic in the market." The report claims that fake drugs account for more than half of all drug sales, a figure disputed by the National Agency for Food and Drug Administration and Control (Marketletter October 2). In 2001 and 2002 alone, BMI reports that the NAFDAC conducted 13,897 raids against counterfeiters. The Nigerian agency announced a fall in the presence of fake drugs from 41% in 2001 to 16.7% in 2006.