Business
Nigeria Cannot Continue to be Dumping Ground, Says Anyakora As FG, World Bank Train Pharma Manufacturers
Nigeria Cannot Continue to be Dumping Ground, Says Anyakora As FG, World Bank Train Pharma Manufacturers
By Johnson Fadipe
Nigeria will soon become the hub of pharmaceutical manufacturing in Africa and beyond, if the pharmaceutical manufacturing sector in the country lives up to its full potentials. CEO, Bloom Public Health, Professor Chimezie Anyakora, made this declaration on Tuesday in Lagos at the commencement of the second phase of the capacity-building workshop for local pharma manufacturers organized by the Federal Government and the World Bank.
Anyakora added that the reason for the program is to support drug manufacturers in Nigeria to produce quality medicines so that the nation’s pharmaceutical industry will stand strong.
“We can’t continue to be a dumping ground as a country and this is the reason this massive effort is being put together and I am happy that the federal government is supporting it. It is a journey to make Nigeria a big leader in drug manufacturing.
“The intention is to make Nigeria the India of Africa in drug manufacturing. This is why we are training the manufacturers so that they will be well-grounded to produce drugs that can compete globally”, he said.
Speaking further, Anyakora observed that that excellence in pharmaceutical manufacturing can be attained in Nigeria if the relevant industry players can scale up their games with passion and the right energy. He added that the Nigeria pharma industry is ‘falling our hands’ because all stakeholders have not done enough to compete at the global level, despite their capabilities.
On his part, the Honourbale Commissioner for Health, Lagos State, Professor Akin Abayomi, stated that the essence of the event is to equip the pharmaceutical manufacturers in Nigeria with what it takes not only to produce drugs that will meet local needs but also export and compete globally.
“The essence of this program is to see how we can increase the production of drugs that will meet local consumption and also produce drugs that meet the World Health Organisation’s GMP. It is also important for us to ensure that products that are produced in Nigeria have bioequivalence because it is not good to have a product that carries 500mg and what the patient gets after using the product is just 30%. We are ready to patronise local drug manufacturers as long as their products are standard”, he said.
Meanwhile, the Federal Government, through the Director, Chemical and Non-Petrochemical Industrial Development Department, Federal Ministry of Industry, Trade and Investment, Onuorah Francis expressed its commitment towards working with relevant stakeholders in Nigeria to build a vibrant and formidable pharmaceutical industry that will not only meet local consumption but also play at the global level.
Onuorah further said that the Federal Government is ready to develop and make the industries in Nigeria work, adding that the ministry has met with stakeholders in the pharma industry and is ready to work with them to produce Active Pharmaceutical Ingredients (API).
Also speaking at the event, the Director, Foods and Drug, Federal Ministry of Health, Pharm. (Mrs) Bunmi Aribeana stated that Nigeria has about 169 pharma manufacturers, producing different ranges of drugs in different areas, but bio equivalent remains a critical factor that needs to be addressed. She urged all stakeholders to join hands together to build a vibrant and strong pharmaceutical industry that will compete globally.
In his remarks, the Director General and Chief Executive Officer of the Nigeria Natural Medicine Development Agency (NNMDA), Professor Martins Emeje also charged stakeholders in Nigeria to work hard to build the pharmaceutical in Nigeria.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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