Nigeria’s President Bola Tinubu will sign an executive order to bring down the cost of drugs in Nigeria, which has been on the rise.
The Coordinating Minister of Health and Social Welfare, Prof. Muhammed Pate, disclosed this on Wednesday, February 28, 2024 at the Ministerial Press Briefing Series with the Minister of Information and National Orientation, Mr Mohammed Idris, in Abuja.
Pate said that the executive order, which Tinubu is expected to sign will “significantly reduce the cost of drugs and pharmaceutical products in the country”.
“The rising cost of pharmaceuticals is a pressing concern, and we are taking decisive action to address this issue.
“An executive order will soon be issued to curb escalating drug prices in the short term, while our mid- to long-term goal involves the domestication of imported drugs within the next three years, in collaboration with the Ministry of Trade,” the minister stated.
He added that aside from the executive order, the Federal Government was moving to fortify the pharmaceutical infrastructure across the country, through the construction of pharmaceutical-grade warehouses in 21 states.
The project, which commenced in October 2023, is slated for completion in March 2024, and to be inaugurated in April 2024.
The health minister also disclosed that his ministry had secured a $1bn pledge from the African Export-Import Bank to boost medical industrialisation in the country.
“I’m pleased to announce that the ministry has secured a $1bn pledge from Afreximbank, alongside commitments from foreign partners, to support our endeavours in this regard,” he said.
