BMI, a subsidiary of Fitch Solutions, has predicted that the Nigerian naira will decline further to N1,993 per US dollar by 2028.
The research firm based its prediction on economic challenges, including Nigeria’s pharmaceutical and medical device industries, which rely on imports for over 95% of their medical device needs.
The report, released on its website, highlighted that while Nigeria’s economy is projected to rebound, structural weaknesses, including a persistent naira depreciation, will intensify import costs for essential healthcare supplies.
Punch reports that BMI also noted that the weak currency would affect Nigeirians’ purchasing power and complicate access to critical medical devices.
Part of the report reads:
The report titled “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth” also said that the pressure will affect public health financing and the high cost of imports of medical products, especially orthopaedics and dental products.
The report added:
Despite the gloom, BMI suggests that the challenges will help to increase efforts on locally manufactured medical devices.
It noted that a weaker naira could make Nigerian-made products more competitively priced internationally, encouraging export growth.
Meanwhile, the naira traded at N1,681.42 per dollar on Monday, November 11, 2024, a 15% decline from the previous trading day’s close.
TimesNow.com.ng earlier reported that Adeboye prophesied the possibility of the Nigerian currency bouncing back against the dollar with greater influence.
Adeboye revealed the prophecy at the RCCG’s monthly Thanksgiving service on Sunday, with the theme ‘Uncommon Miracles’.
According to the religious leader, there was a period when Nigeria’s currency completely favoured the US dollar.
Source: TimesNow.com.ng