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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.
Damilola Mike-Bamiloye, the son of the renowned Christian filmmaker and evangelist Mike Bamiloye, recently took to Instagram to pay tribute to his late mentor and father figure, Korede Are, whom he affectionately referred to as “Daddy Korede.”
In an emotional post, Damilola remembered him as a dedicated servant of God who sacrificed comfort, recognition, and even his own needs to further the gospel.
He expressed deep admiration, saying Daddy Korede tirelessly ensured that the word of God reached the most remote corners of the world.
Damilola, himself a notable figure in Christian entertainment, known for his work with Mount Zion Faith Ministries, mentioned how Daddy Korede embodied selflessness.
He described him as someone with a “heart of pure gold,” a man who lived with unwavering faith and integrity until his very last moments.
According to him, Daddy Korede didn’t seek fame or praise; instead, he remained committed to his calling, consistently honoring God with his gifts, passion, and humility.
As Damilola mourns, he also rejoices in Daddy Korede’s “glorious finish”—a life he says was celebrated by God Himself. Daddy Korede may have departed, but his legacy lives on, continuing to influence countless lives within the Christian community.
Concerns have been raised by The Central Bank of Nigeria (CBN) and the Ministry of Finance, concerning the Investment and Securities Bill which was proposed. The bill aims to replace 2007 Act and to update capital market regulations.
The CBN representative, Dr Tukur at the National Assembly hearing, opposed to the granting of the Securities and Exchange Commission over the public companies.
The Finance Minster, Wale Edun also emphasize on the impact of the bill and the provision it will offer the SEC board members. However the SEC Director General defended the bill and stated it has a benefitting role in Nigeria’s capital market globally.
The Kebbi Sate Government suspends staff members from the Ministry of Lands and Housing who were involved in the illegal sales. Commissioner Muhammad Dangi-Juli speaks on operating a thorough investigation on the land fraud.
It was revealed that there are two suspects who are part of this fraud mishap, they were both arrested and will face the law. The other suspects are still being chased down, arrested suspects confessed and exposed their partners in the crime.
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