News
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.
Former Kaduna Central Senator Shehu Sani declines invitation to judge the Miss World Nigeria Beauty Pageant.
It was reported that the position of a judge was offered to Shehu Sani by Ben Murray Bruce, founder of Silverbird Group. However, Sani rejected the offer to judge the event.
Ben Bruce takes to social media to invite the former senator to be present at the event and sit as a judge.
Shebu Sani then responded by stating “You should have send me a formal letter and with full benefits attached to it after I have passed the Judgment. I appreciate the honour from a good friend. Unfortunately, I’ll be unavailable on that day. I wish you a successful outing.”
Nigerian Comedian, Mr Macaroni expresses dissatisfaction with the Governor of Lagos State over traffic issues.
It can be reported that Lagos has been suffering through a serious traffic phase. The reason behind this was revealed to be the Independence Bridge repairs.
Governor Sanwo Olu then pleaded with Lagosians to bear with the traffic as the repair is necessary. “Let’s think outside the box. If you don’t have business to do in Victoria Island in the next 2 to 3 weeks, conduct your business online and plan ahead.”
However, Mr Macaroni reacts to the Governor’s plea by stating “If the government had any regard whatsoever for the people of Lagos, these measures and more extensive ones would have been taken before yesterday to make this process as painless as possible for the people.”
He lamented on the serious effect that this traffic has taken on people’s day to day life and shared that the government didn’t consider its people.
Michelle Obama recently shared that when she first met Barack Obama, he wasn’t “financially sound.”
The couple crossed paths in 1988 when Barack joined a law firm in Chicago, where Michelle was already working. On a recent podcast episode she hosts with her brother, Craig, Michelle reflected on the importance of financial stability in a relationship.
During a conversation with British author Jay Shetty, Craig asked Michelle, “Would you be attracted to a guy who’s not financially stable when you meet him?”
Without hesitation, Michelle replied, “Uh, I married one.”
Craig, who seemed to have set her up for that response, laughed and jokingly said, “Don’t you like that alley-oop I just threw you? In basketball, you just point—you don’t even have to say it.”
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