Forex scarcity made pharmaceutical multinationals exit Nigeria

The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) on Sunday has expressed concerns over the scarcity of foreign exchange in Nigeria, attributing it as a major factor for the exit of pharmaceutical multinationals like GlaxoSmithKline and Sanofi Nigeria Ltd from the country.
They highlighted this issue during a news conference in Lagos about the upcoming 7th Edition of Nigeria Pharma Manufacturers Expo (NPME) scheduled for September 4-5.
PMG-MAN emphasized the need for a stable exchange rate to ensure the progress of the domestic pharmaceutical industry and the effective implementation of President Bola Tinubu’s Executive Order, which aims to boost local production by removing tariffs and VAT on pharmaceutical imports and raw materials.