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Naira Forecasted to Depreciate to N1,993/USD by 2028, Threatening Nigeria’s Medical Device Market
The Naira is projected to depreciate to N1,993 per US dollar by 2028, according to a new report by BMI Research, a subsidiary of Fitch Solutions.
This forecast highlights the growing challenges Nigeria faces in importing critical medical supplies due to the weakening of its currency and ongoing structural issues within the healthcare system.
The report, titled “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth”, indicates that the Naira’s depreciation will significantly affect Nigeria’s medical device sector.
With over 95% of medical devices in the country imported, the weakened Naira will increase import costs and erode the purchasing power of both healthcare providers and patients, especially in a public health sector that is already underfunded.
BMI’s projection sees the Naira falling from its current value of about N1,700 to N1,993 by 2028. Although this marks a relatively modest depreciation, the report suggests that the weakening currency will continue to drive up the cost of medical devices, particularly high-cost products like diagnostics, orthopaedics, and dental equipment.
While the depreciation poses a serious challenge to the medical sector, there is some optimism for local manufacturers. A weaker Naira could make domestically produced medical devices more competitive, potentially stimulating growth in that segment.
Despite the forecasted depreciation, the report predicts a gradual economic rebound, though the medical device market will continue to face operational and demand constraints in the short term.
Catholics across Benue State came together on Thursday in a heartfelt prayer walk, seeking God’s help for peace to return to the troubled region. The walk, which drew large crowds from different parishes, was marked by hymns, placards, and quiet reflection. Priests, religious groups, and lay faithful joined in solidarity as they moved through the streets.
They also prayed for the victims of the recent violence, including those killed in the attack on Yelwata, Guma Local Government Area, where many lives were lost. Those who took part in the procession spoke out about the rising insecurity and called for healing, unity, and a renewed sense of justice in the state.
The recent surprise visit to Benue State by President Bola Tinubu has stirred many reactions from the public.
It was reported that some school children who were outside were urged to welcome the president under the rain.
It was also noted that what started as a simple welcome turned into a political rally for the President and the Governor of the state.
This gained many criticisms from the public, especially online, as they shared their thoughts on the visit and the welcome. Many highlighted the fact that it was meant to be a condolence visit and not a celebratory event.
It has been reported that President Bola Tinubu just arrived to Benue State amid the violence attacks happening.
It can be recalled that the state recently through a massacre as 200 lives were lost due to the violence attacks by armed people.
No solutions has been addresses to what will happen in Benue state, till now. President Tinubu arrives to Benue state, the people now hope for a solution to be given and justice to be served.
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