The Health and Social Welfare Minister, Muhammed Pate, has announced that President Bola Tinubu will soon sign an Executive Order to significantly reduce the cost of drugs and pharmaceutical products in the country.
He also disclosed that the Federal Government secured a $1 billion grant from Afriexim Bank and foreign partners for medical industrialisation.
Pate announced the development on Wednesday at the second edition of the Ministerial Press Briefing Series in Abuja.
Naija News reports that there has been an increment in the prices of drugs due to the foreign exchange crisis. 
Addressing the situation, the minister said that Tinubu’s administration had warehoused N50 billion in the Basic Health Care Provision Fund (BHCPF) to rehabilitate and expand the nation’s Primary Health Care (PHC) centres.
Speaking further, he noted that the immigration of many medical professionals should not be greeted with dismay as the government had recruited 2,497 medical doctors, nurses, midwives and Community Health Extension Workers (CHEWs) to bridge the gap in the health sector and enhance service delivery.
The minister also said the government was looking into the exit of some multinational drug firms, like GlaxoSmithKline (GSK) and Sanofi.
According to him, “An Executive Order will soon be issued to curb escalating drug prices in the short-term, while our mid to long-term goal involves the domestication of imported drugs within the next three years, in collaboration with the Ministry of Trade.
“In a strategic move to fortify the pharmaceutical infrastructure across the nation, the Federal Government initiated the construction of pharmaceutical-grade warehouses in 21 states in collaboration with Drug Management Agencies.
“Two additional warehouses at the federal level are also underway, complemented by the installation of the Warehousing Management Information System (WMIS) – M Supply, in these 21 pharma-grade warehouses.
“This visionary project commenced in October 2023 and is slated for completion in March 2024, with a scheduled commissioning in April 2024.
“I am also pleased to announce that the ministry has secured a $1 billion pledge from Afriexim bank, alongside commitments from foreign partners, to support our endeavours in this regard.
“The Federal Government will be releasing N50 billion as the first tranche of the Basic Healthcare Fund, a significant increase from N25 billion allocated in 2022.
“This infusion of funds will breathe new life into our primary healthcare facilities, ensuring that quality care is accessible to all citizens.
“To sustain and continue to build on these gains, in the last six months, the Government recruited 2,497 Doctors, Midwives/Nurses, and CHEWs to bridge the gaps due to attrition.
“An additional 1,400 health facilities now have Skilled Birth Attendants to assist in deliveries at the health facilities. This has increased the number of health facility deliveries to as high as 230,000 deliveries per month.
“The Federal Government has made substantial strides in expanding health insurance coverage.”
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