West African Pharmaceutical Industry Set for Growth in 2025 Amid Economic Stability and Innovation Push

Industry experts are forecasting a brighter business outlook for Nigeria’s pharmaceutical sector in 2025, driven by improved foreign exchange stability, reduced inflation, and a more favourable business environment. This optimistic forecast was unveiled during the 2025 Economic and Business Environment Forecast and Analysis event, organised by the Society for Pharmaceutical Sales and Marketing of Nigeria (SPSMN) at the Lagos Chamber of Commerce and Industry, Ikeja, Lagos.

Key Economic Drivers Shaping the Pharmaceutical Industry in 2025

The event gathered top professionals from investment, marketing, and sales sectors to evaluate the critical factors influencing the pharmaceutical landscape. Opening the event, SPSMN President, Pharm. Tunde Oyeniran, underscored the society’s commitment to empowering its members through capacity building, guided by the values of hard work and integrity. He emphasised the importance of fostering collaboration between government bodies and corporate organisations to strengthen the pharmaceutical sales and marketing sector.

"By working together, we can better equip professionals to thrive in 2025 and beyond," Oyeniran remarked.

Positive Market Indicators Fuel Industry Optimism

Mr. Ben Chine, Chairman of the event and founder/CEO of Sales Consult and Co, echoed the positive sentiment, citing the stabilisation of Nigeria’s foreign exchange rates and a significant rise in Internally Generated Revenue (IGR) as key indicators of a more conducive business climate.

"2025 presents a unique opportunity for growth within the pharmaceutical sector. Stability in foreign exchange and improved government revenue create the foundation for a robust and thriving market," Chine noted.

However, he cautioned against complacency, urging stakeholders to confront ongoing industry challenges such as counterfeit drugs and Nigeria’s heavy reliance on imported medications. Chine advocated for strategic investments in local production, enhanced patient education, and the integration of digital technologies to streamline regulatory compliance and improve market reach.

Harnessing Innovation for Competitive Advantage
Guest speaker Ms. Adaku Ijara, Managing Director of Emerging Africa Asset Management Limited, offered a data-driven analysis, pointing to the sharp reduction in inflation—from 34.8% to 24.48%—and the steady expansion of the non-oil sector as signs of economic resilience.

"The pharmaceutical industry must leverage this positive economic trajectory to adopt smarter strategies in 2025," Ijara advised. She emphasised the need for:

- Strategic pricing to combat counterfeit drugs
- Digital transformation for enhanced sales and marketing practices
- Robust brand-building for corporate and personal growth
- Trust and credibility as foundational values for long-term success

Ijara also highlighted the growing role of technology in reshaping the global pharmaceutical landscape, encouraging Nigerian stakeholders to invest in digital tools to stay competitive.

Recognising Industry Leaders and Advocating for Collaboration
The event also honoured veteran industry leaders, including Pharm. Ifeanyi Atueyi, Publisher of Pharmanews, and Pharm. Gbenga Falabi, former National Secretary of the Pharmaceutical Society of Nigeria (PSN), for their outstanding contributions to the sector.

Pharm. Seye Agboola, Chairman/CEO of Dortemag Ventures Ltd., serving as the Guest of Honour, praised SPSMN’s role in fostering professional development and collaboration. He highlighted the society’s continuous efforts in strengthening the pharmaceutical ecosystem through knowledge sharing and stakeholder engagement.

2025 Outlook: A Year of Opportunity for Nigerian Pharma
As the event concluded, attendees left with renewed optimism, equipped with actionable strategies to navigate 2025’s evolving business environment. The combination of economic stability, reduced inflation, and a push for innovation positions Nigeria’s pharmaceutical sales and marketing sector for significant growth.

With the right strategic focus—emphasising local production, digital integration, and regulatory compliance—the pharmaceutical industry is poised to thrive, offering new opportunities for importers, distributors, and healthcare professionals across Nigeria.