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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.
It has been reported that Niger State and some northern states have come together and agreed to take down 979 forests in order to strengthen national security.
This was revealed by the Niger State Governor, represented by his deputy, Yakubu Garba, at the passing-out parade in Mutum Daya.
He also shared that the government will support in any way they can in order to achieve this and strengthen security in Nigeria.
“The state will make necessary arrangements to support and empower the Forest Guard families for their service to the nation. We will provide them with adequate healthcare insurance scheme.”
Nigerian news analyst, Mahmud Jega, has shared his opinion on the recent airstrike carried out by the United States in Nigeria, stating that Nigerians should not blame President Bola Tinubu for the incident.
Jega made this statement during a recent interview, where he said he does not believe many people will hold the Tinubu administration responsible, as Donald Trump had issued threats against Nigeria long before Tinubu’s administration.
“No, I don’t think many people will blame the Tinubu administration for what is happening now because President Donald Trump, when he first made the threats, it was clearly not in coordination with the Tinubu administration or the government of Nigeria,” Jega said.
It has been reported that the United States carried out an airstrike targeting ISIS in the northwest region of Nigeria. The order was reportedly given by former U.S. President Donald Trump.
“Tonight, at my direction as Commander in Chief, the United States launched a powerful and deadly strike against ISIS terrorist elements in northwest Nigeria,” Trump said.
He added, “I have previously warned these terrorists that if they did not stop the slaughtering of Christians, there would be hell to pay, and tonight, there was.”
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