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Naira Forecasted to Depreciate to N1,993/USD by 2028, Threatening Nigeria’s Medical Device Market

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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.

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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.


 

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Isaac Fayose Criticizes Government Over Taxation and Insecurity

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Nigerian businessman Isaac Fayose has spoken about what he considers one of the country’s biggest problems, stating that many Nigerians are worried about government taxation, insecurity, and the increasing rate of kidnappings for ransom.

He lamented the situation and criticized the government, arguing that these issues have become deeply rooted and that there appears to be no lasting solution in sight.

According to him “In Nigeria we have two governments. One is collecting tax, the other one is collecting ransom. Both of them have one thing in common which is to make life difficult for their people.

The one that is collecting tax without doing anything will come and share you rice and semolina. The one that is collecting ransom is doing giveaway on social media.”


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Concern Grows Over Rising Insecurity Following Kwara Abduction Case

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It was reported that bandits were seen in Kwara State and abducted six residents from Rukpete Village.

The incident was reported to have occurred on June 8 at about 11 p.m.

Sources revealed that seven people were initially taken, but an elderly man was later released, leaving six victims in captivity.

The rising cases of insecurity in the country remain quite alarming.


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Panic as Bandit Rumours Spark School Safety Concerns in Abuja

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The state of the country is affecting many people, as they believe nowhere is safe, including schools where they keep their children.

It has been reported that some parents have started withdrawing their children from schools in Abuja.

It can be noted that rumours of bandits being sighted near a school triggered panic, causing parents to hurriedly remove their children for safety.

While the reports of bandits have not been confirmed, the school has also issued safety measures to ensure the protection of students within the premises.


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