The Nigerian naira is facing significant devaluation, with Fitch Solutions predicting it could slide to N1,993 per dollar by 2028. This depreciation poses serious challenges for Nigeria’s medical devices industry, which relies heavily on imports for over 95% of its needs. As the naira weakens, the cost of importing essential medical devices will rise sharply, straining an already underfunded healthcare system and limiting patient access to critical technologies.
Despite an expected compound annual growth rate of 10.8% in local currency terms and 9.6% in US dollar terms from 2023 to 2028, the market’s growth is overshadowed by operational challenges and increased import costs. High-demand products such as diagnostics, orthopedic tools, and dental devices are particularly vulnerable, with affordability and availability set to decline.
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Efforts to boost local manufacturing of medical devices through government incentives have been slow to yield results. Challenges such as inadequate infrastructure, high production costs, and a lack of skilled labor continue to hinder domestic production. However, a weaker naira could make locally manufactured devices more competitive in international markets, potentially driving export growth if investments and policy support align with this opportunity.
To address these challenges, Nigeria must prioritize strengthening its local manufacturing capabilities, stabilizing the naira, and increasing funding for the healthcare sector. Without these measures, the rising cost of medical devices could severely impact the quality of care and widen the gap between Nigeria’s healthcare system and global standards. While the path ahead is fraught with difficulties, strategic actions now could safeguard the industry’s future and ensure better access to medical technologies for all Nigerians.
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