BMI Report: Naira Depreciation to Impact Nigeria’s Medical Device Market by 2028.

A new BMI Research report, part of Fitch Solutions, forecasts that Nigeria’s currency, the naira, will depreciate to N1,993 per US dollar by 2028.

This drop could heavily impact Nigeria’s healthcare sector, which relies on imports for more than 95% of its medical devices.

The report, titled “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth,” highlights that the projected exchange rate would strain medical device imports, limiting access to essential healthcare supplies.

Although BMI predicts a modest economic rebound, the medical device market in Nigeria is expected to face persistent operational and demand issues.

BMI’s report emphasizes that continued naira weakness will drive up the cost of imported medical devices, further eroding purchasing power for both healthcare providers and patients.

Given limited funding in the public health sector, acquiring essential technologies such as diagnostics, orthopedic equipment, and dental products will likely become more difficult.

While the weaker naira could enhance the competitiveness of locally manufactured devices, the report indicates that import costs will remain high, potentially stifling sector growth.

However, BMI’s projection suggests that the anticipated depreciation over the next four years is far less severe than the naira’s 70% decline over the past 13 months—from around N600/USD to N1,700/USD.

BMI’s expectation of N1,993/USD by 2028, compared to the current NGN1,700/USD, points to a relatively stable trajectory in the coming years despite ongoing challenges.