Reps Move To Tackle Rising Cost Of Medicines

The House of Representatives has taken steps to address the rising cost of medicines in the country.

Consequently, the House urged the Federal Ministries of Health and Social Welfare, Industry, Trade and Investment, and
the Central Bank of Nigeria (CBN), to urgently implement and monitor the full
operationalisation of the Executive Order on pharmaceutical production inputs.

It also urged the federal government to create a dedicated Pharmaceutical Industrialisation Fund
under the Bank of Industry (BOI) to provide single-digit interest loans to indigenous
pharmaceutical manufacturers, especially Small and Medium Enterprises (SMEs).

This followed the adoption of a motion sponsored by Hon. Alex Mascot Ikwechegh from Abia at plenary on Wednesday.

Moving the motion, Ikwechegh noted that the prices of essential medicines in Nigeria have risen astronomically over the past two years, making life-saving drugs unaffordable to millions of Nigerians, especially in rural and
underserved communities.

He also noted that according to the Nigerian Association of Pharmacists and Drug Dealers, the prices of some common medications have increased by 300% to 500% due to factors including inflation, naira
devaluation, import dependency and supply chain disruptions.

According to the lawmaker,
“the Federal Government issued an Executive Order in June 2024 to eliminate tariffs, VAT,
and import duties on pharmaceutical raw materials, equipment, and machinery to lower production costs and boost local pharmaceutical manufacturing.”

He said despite the Executive Order, the prices of drugs have remained high due to lack of
effective implementation, exchange rate volatility, regulatory delays, poor infrastructure, and low
access to financing by indigenous pharmaceutical firms.

Ikwechegh expressed concern
that the Federal Competition and Consumer Protection Commission (FCCPC) in February 2025 announced the commencement of an investigative hearing into the high cost of medicines across
Nigeria, in partnership with the National Health Insurance Authority (NHIA) and pharmaceutical stakeholders, but has yet to release its findings to the public.

“The continued delay in addressing the structural problems confronting the pharmaceutical sector poses a serious threat to national health security, especially during public health emergencies or pandemics.

“Nigeria still imports over 70% of its medicines and active pharmaceutical ingredients
(APIs), making the country vulnerable to international price shocks, delays, and supply disruptions.”

He noted that reviving and expanding local pharmaceutical production is a strategic imperative for national self-reliance, job creation, industrial development, and universal health coverage.

Adopting the motion, the House asked the Federal Ministry of Health and Social Welfare, Pharmacists Council of Nigeria, National Agency for Food and Drug Administration and Control (NAFDAC), and Standards Organisation of Nigeria (SON) to fast-track the registration and quality assurance of locally
produced essential medicines without compromising safety standards.

It also urged the Federal Ministry of Information and the National Orientation Agency to launch a nationwide public enlightenment campaign on the importance of local drug patronage, affordability and national health security.