A new report by BMI Research, part of Fitch Solutions, projects that the naira could depreciate to N1,993 per US dollar by 2028, raising significant concerns over Nigeria’s medical import capacity and healthcare costs.
Titled “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth,” the report suggests that ongoing currency weakness and structural issues in the healthcare system will severely impact Nigeria’s ability to import medical devices, as the sector relies on imports for over 95% of its supplies.
BMI’s analysis indicates that the cost of importing essential medical devices, including diagnostic, orthopedic, and dental equipment, will increase due to the projected naira depreciation. This rise in import costs, coupled with a public health system struggling with underfunding, could further limit consumer access to medical technology.
According to the report, while the naira is expected to close at around N1,993/$ by 2028 from N306/$ in 2018, this forecast implies a slower rate of depreciation compared to recent
