The healthcare and economic sectors in Nigeria are set to undergo significant changes due to the initiatives of the Nigeria Natural Medicine Development Agency (NNMDA). Professor Martins Emeje, the agency’s Director-General, recently announced plans to launch 27 new natural medicine products, marking a significant step towards progress. The abundant natural resources of Nigeria are expected to generate about 3.8 million job opportunities with just one of the products. This highlights the significant impact these resources can have on the country’s economic development.
Professor Emeje highlighted the importance of natural medicine for Nigeria’s future during a formal ceremony where a Memorandum of Understanding (MoU) was signed with Covenant University (CU). He mentioned that 27 products were prepared for the market. He expressed that the future does not depend on crude oil, but instead on their diverse range of natural plants. NNMDA’s new initiative aims to explore Nigeria’s abundant resources as part of a larger plan to move away from the country’s historical dependence on crude oil and towards a more varied economy.
About 11 new products will be launched into the market by October.
This year, the organisation made progress with the introduction of four new products, including their inaugural oral dosage forms. The agency is on track to launch 11 new products into the market by October, pending approval from the National Agency for Food and Drug Administration and Control (NAFDAC). In addition to discussing the potential economic impact on a global scale, Professor Emeje mentioned that the natural medicine industry could add $347 billion to the Global Economy by 2030. According to Global Mart’s forecast, the market for herbal remedies could grow to about 5 trillion US dollars by 2050.
Nevertheless, Nigeria may lose out on a substantial portion of this profitable market without a strong development strategy. He emphasised the importance of Nigeria engaging in the global market, not just for Economic Diversification but also for creating employment opportunities. Amidst economic difficulties and efforts to decrease reliance on oil, its advancement presents a hopeful avenue towards sustainable development. By forming a strategic partnership with Covenant University, this plan seeks to enhance the sector to meet global standards. The collaboration between the two institutions aims to strengthen research institutes and elevate them to an international level.
Research institutes will be strengthened to meet the global level.
He explained that Covenant University will specialise in enhancing human capital development, whereas NNMDA will concentrate on progressing research and development. The university excels in human capital development, making them the ideal partner for this task. On the other hand, NNMDA is known for its expertise in research and development, making us a perfect match, he stated. The anticipated results from the partnership are likely to have a substantial impact on the industry and the entire country.
Also, the Vice-Chancellor of Covenant University, Professor Abiodun Adebayo, emphasised the significance of incorporating native medicinal plants into Nigeria’s healthcare system. He hoped this collaboration would result in innovative discoveries and advancements that could revolutionise the industry. This partnership marks a meaningful progression in acknowledging and leveraging the potential of indigenous resources. Professor Adebayo expressed his belief that through a collaborative effort, they can harness Nigeria’s abundant resources to revolutionise the industry and substantially impact the country’s economy.
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Since its inception in 1997, the NNMDA has been functioning under the umbrella of the Federal Ministry of Innovation, Science, and Technology. The organisation is dedicated to exploring, creating, and advocating for Nigeria’s natural medicine sector, which includes traditional and native healing methods. By incorporating these approaches into the healthcare system, the NNMDA strives to improve health standards and boost the Economy by fostering employment opportunities and wealth creation. Through their commitment to advancing and promoting local products, Nigeria could generate numerous employment opportunities, broaden its economic landscape, and position itself as a significant contender in the international natural medicine arena.