West Africa’s pharmaceutical industry is expanding steadily, driven by rising demand and increasing healthcare investments. As part of a multi-country prioritization project for a large German pharmaceutical company, africon conducted an in-depth analysis of the market landscape in West Africa, assessing industry growth, local production, and import dependencies.
Our research revealed that Nigeria’s pharmaceutical market is expected to grow from $1.76 billion in 2024 to $2.36 billion by 2029, reinforcing its position as the regional leader. The market is expanding at a CAGR (Compound Annual Growth Rate) of 6.0%. Although Nigeria has the largest number of pharmaceutical manufacturers in West Africa, with approximately 100–200 local producers, the supply gap persists, highlighting opportunities for investment in domestic production.
These insights provided our client with a clear roadmap for navigating the West African pharmaceutical market. By identifying key growth markets and understanding the balance between local production and imports, the company was able to refine its strategy for expansion in the region.
As the industry continues to evolve, new opportunities will emerge for businesses looking to enter or strengthen their presence in West Africa. What is the potential for you in Africa? If you have any questions, contact us at info@africon.de.
Read previous SOTMs (Slides of the month) here
Slide of the Month (SOTM) February. How many vehicles in operation (VIO) does Nigeria have?
Slide of the Month (SOTM) December. The majority of Egypt’s MedTech imports come from Germany
Slide of the Month (SOTM) October. Vitamins & minerals market size of selected countries in Africa
