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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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Entertainment

Gospel Singer New Jerusalem Dies at 53, Leaves Family and Fans in Mourning

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Nigerian Gospel Artist Israel Terhemba Ikyereve, popularly known by his stage name New Jerusalem, has reportedly passed away.

The late gospel singer passed away at the age of 53, friends and family as well as the government in Benue state mourns the loss of the singer.

The date of burial was also announced by his family, on Saturday, July 5, 2025, in Sati Agirigi, Mbamo, Shitile, Katsina-Ala LGA of Benue State.


 

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Fubara Disowns 2027 Campaign Materials, Says He Only Wants Peace for the State

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Suspended Rivers State Governor, Sim Fubara, has distanced himself from campaign materials being circulated ahead of the 2027 elections. Fubara made it clear that he never approved the production of caps, shirts, or any other campaign items for the next general election.

Speaking to his supporters in Port Harcourt on Saturday, Fubara stressed that his focus is on restoring peace and stability in the state, not on political campaigns. His reaction follows the recent resolution of the political crisis in Rivers State by President Bola Tinubu.

The clash between Fubara and the Minister of the Federal Capital Territory had sparked months of tension, which eventually led to Fubara’s six-month suspension from office. Tinubu even declared a state of emergency in Rivers State during the height of the crisis.

However, the president stepped in last week, holding talks with all parties at the Presidential Villa in Abuja, leading to a temporary truce. Fubara expressed his frustration over the campaign materials, saying, “I was really upset when someone sent me a video of people producing caps and shirts for the 2027 elections.

“I didn’t approve that, I didn’t send anyone to do that. For now, what Rivers State needs is peace so that we can focus on progress and development.”

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Pastor Adeboye to Lead National Prayers for Nigeria’s Failing Economy

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The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, will be leading a national prayer session focused on reviving Nigeria’s struggling economy. The prayer is scheduled to take place during the church’s July 2025 Thanksgiving Service, themed “Divine Intervention”, at the RCCG national headquarters in Oyingbo, Lagos.

Speaking ahead of the event through his Special Assistant on Administration, Pastor Dele Balogun, Pastor Adeboye acknowledged that both Nigeria and other countries are facing tough times. But he believes the current hardship is not beyond repair if people embrace faith and take positive action.

“Our nation is going through serious challenges, just like other parts of the world. But the truth is, we can overcome them with faith, as long as we don’t give room to fear or doubt,” Adeboye said. He encouraged Nigerians to reject negative confessions and instead focus on faith-driven solutions, adding that with God’s intervention, the country’s economic situation can still turn around.

The upcoming prayer session, according to him, is not just about asking for change but about opening doors to new opportunities and paving the way for national transformation.


 

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