The Nigeria Natural Medicine Development Agency (NNMDA) has unveiled its ambitious plans to introduce 27 new products to the market, projecting that one of these products alone could generate up to 3.8 million jobs.
This was disclosed by NNMDA’s Director-General, Prof. Martins Emeje, at the signing of a Memorandum of Understanding (MOU) with Covenant University (CU) to advance the development of natural medicine in Nigeria.
“We have, at least, 27 products ready to go into the market, and one of these products in the full spectrum will generate at least 3.8 million jobs, so multiply by 27, we do not even need crude oil; what we need is our natural plant biodiversity.” He said.
Recent product launches
Prof. Emeje highlighted that the agency had previously launched four new products earlier in the year, which included the first oral dosage formulations from the agency.
The agency has also been actively developing new products, with 11 of them currently undergoing assessment by the National Agency for Food and Drug Administration and Control (NAFDAC). These products are expected to become available by October.
Prof. Emeje disclosed that in a few years, precisely six to seven years from now, natural medicine is expected to generate $347 billion to the global economy by 2030.
The director-general said that, by 2050, the projection by Global Mart would be a five trillion US dollar market for plant-based natural medicine alone, without the animals. Nigeria would not earn or have a share in revenue from that market if natural medicine was not developed.
He stressed that the focus on natural medicine is essential for Nigeria’s economic growth and job creation, particularly as the country seeks to diversify its economy beyond crude oil.
Strategic partnership with Covenant University
Prof. Martins Emeje highlighted the potential of the partnership with Covenant University to transform the natural medicine landscape in Nigeria.
According to Prof. Emeje, the partnership will see the institution contributing its expertise in human capital development, while NNMDA will bring its extensive experience in research and development.
“This partnership is set to elevate our research institutes to a level comparable to global standards. Covenant University’s strength in human capital development and our expertise in research and development will complement each other perfectly.”
“When we talk about human capital development, Covenant University is very good at it so they will be doing that for us.
“When it comes to research and development, we are very good in that, so we are complementary, they bring what they know best, we bring what we know best, and both of us will be winners.’’ He said
Covenant University’s Vice-Chancellor, Prof. Abiodun Adebayo, emphasized the importance of integrating indigenous medicinal plants into the national healthcare system and fostering new discoveries and innovations in the field.
“This collaboration represents a significant step forward in recognizing and utilizing our Indigenous medicinal plants,
“By combining our strengths, we aim to unlock the full potential of Nigeria’s natural medicine resources, which could transform the sector and contribute significantly to the nation’s economic growth.” Prof. Adebayo said
What you should know
Nigeria Natural Medicine Development Agency (NNMDA) was established in 1997 and operates under the Federal Ministry of Innovation, Science and Technology.
The agency is tasked with researching, developing, documenting, and promoting Nigeria’s natural medicine which encompasses traditional and indigenous healthcare systems, medications, non-medications, healing arts, and related sciences and technologies to enhance the nation’s healthcare and economic standing.
These practices are to be integrated into the national healthcare delivery system and contribute to the nation’s wealth, job creation, and socio-economic growth.