Pharmaceutical Market To See 15.0% CAGR Between 2009-2014

In 2009, pharmaceutical expenditure in Nigeria reached NGN89.74bn (US$0.600bn) and BMI expects spending on medicines to reach NGN103.21bn (US$0.693bn) in 2010 - a 15.0% increase in local currency terms and 19.1% increase in US dollar terms. By 2014, we calculate Nigeria's pharmaceutical market will be worth NGN177.49bn (US$1.443bn), equating to a compound annual growth rate (CAGR) of 14.62% in local currency terms and 19.18% in US dollar terms. Furthermore, over our extended 2009-2019 forecast period, we calculate that drug spending will reach a value of, NGN319.21bn (US$2.850bn). BMI attributes the Nigerian pharmaceutical market's impressive growth to macroeconomic factors such as

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