ADVERTISEMENT
TechEconomy
Saturday, May 31, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home ยป Report Projects Naira May Weaken to N1,993/$1

Report Projects Naira May Weaken to N1,993/$1

Staff Writer by Staff Writer
November 12, 2024
in Finance
0
EIU, PwC Seven Trends to Change Nigeria economy, Naira, Dollar, Yan, Euro, Paounds - adobestock
Design Credit: adobestock

Design Credit: adobestock

RelatedPosts

Naira vs Dollar | Asset management

Naira Appreciates in the Official Market, Closes at N1,586/$1

May 30, 2025

Alleged N76bn Fraud: EFCC Witness & Ex-Union Bank ED Reveals He Wrote-Off Arikโ€™s $2.3m Debt

May 29, 2025

The naira is predicted to depreciate further against the United States dollar by 2028.

Latest report by BMI, a Fitch Solutions subsidiary, has revealed that the naira may hit its lowest depreciation to N1,993, posing a significant challenge to Nigeriaโ€™s pharmaceutical industry, particularly in importing essential medical devices, a new report.

In the report titled โ€œWeak Naira and Structural Challenges to Constrain Nigeriaโ€™s Medical Devices Market Growthโ€, BMI projected that despite an anticipated rebound in the economy, Nigeriaโ€™s medical devices sector will face operational and demand challenges in the near term.

The report noted that Nigeria relies on imports for over 95 per cent of its medical devices, making it vulnerable to fluctuations in exchange rates.

โ€œContinued weakness of the naira will increase medical device import costs and erode consumer purchasing power. Similar to other markets in sub-Saharan Africa, Nigeria heavily relies on medical device imports, with reliance of over 95 per cent.

โ€œWe expect that the naira will end 2028 at N1,993/$ from N306/$ in 2018. As the naira weakens, the cost of importing medical devices will continually increase, eroding both the health system and patient purchasing power especially to invest in essential medical technologies given underfunding of the public health sector.

โ€œThis would particularly affect high-cost demand for devices such as diagnostics, orthopaedics and dental products. On the export front, a weaker naira will enhance the competitiveness of locally manufactured medical devices, fostering growth in the sector,โ€ the report stated.

While a weaker naira could enhance the competitiveness of locally manufactured medical devices, BMI highlighted persistent barriers to local production.

These include a scarcity of skilled labour, limited access to modern technology, and inadequate infrastructure, which continue to undermine manufacturing efforts despite government incentives.

The administration of President Bola Tinubu has implemented measures aimed at easing these pressures.

In June 2024, an executive order was issued to reduce medical service costs by eliminating tariffs, excise duties, and Value Added Tax on specific machinery, equipment, and raw materials, with the goal of lowering local production costs.

However, BMI observed that the medical devices market would continue to face significant challenges in the short term.

The report forecasted that Nigeriaโ€™s medical devices market could grow to a value of N171.1bn (ยฃ344.7m) by 2028, supported by a large population, an increasing focus on universal health coverage, and the double burden of chronic and communicable diseases.

Nigeriaโ€™s economy is expected to recover in 2025, with a growth rate of 3.0 per cent predicted for 2024, compared to 2.9 per cent recorded in 2023.

However, persistent issues such as high inflation, tighter monetary policies, and weak foreign direct investment could weigh on the growth of the medical devices sector.

Loading

Advertisements
MTN ADS

0Shares
Tags: BMIFitch Solutions subsidiarynaira
Previous Post

GoMed Expands to Benin City, PH and Gombe

Next Post

How GenAI is Reshaping South African Retail by Enhancing Omnichannel CX

Staff Writer

Staff Writer

Related Posts

Naira vs Dollar | Asset management
Finance

Naira Appreciates in the Official Market, Closes at N1,586/$1

by Latifat Fashina
May 30, 2025
0

The naira appreciated in the official market on Thursday, strengthening to N1,586/$1 from its previous close of N1,591/$1. According to...

Read more
Arik Air in 2024

Alleged N76bn Fraud: EFCC Witness & Ex-Union Bank ED Reveals He Wrote-Off Arikโ€™s $2.3m Debt

May 29, 2025
SANEF CEO Uche Uzoebo receives RedTech Award

RegTech Conference: SANEFโ€™s CEO Uche Uzoebo Makes Case for More Financial Inclusion Strategies Targeting Women

May 29, 2025
SEC cancels Silverkuun

SEC Warns Public against Investing in Silverkuun Limited

May 29, 2025
Abbey Mortgage Bank Building

Abbey Mortgage Bank to Raise N100bn for Commercial Banking Licence

May 29, 2025
Naira vs Dollar | Asset management

Naira Falls across Markets, Hits N1,591/$1 in Official Trading

May 29, 2025
Next Post
GenAI and Retail

How GenAI is Reshaping South African Retail by Enhancing Omnichannel CX

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

ยฉ 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

ยฉ 2025 Techeconomy - Designed by Opimedia.

Translate ยป
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.