May & Baker Nigeria Plc has called for urgent government intervention and power sector reforms to support local pharmaceutical manufacturing. The firm warned that rising energy costs, foreign exchange instability, and inadequate infrastructure are placing increasing pressure on drug production in the country.
Despite an executive order issued by the Federal Government to waive import duties on pharmaceutical raw materials, the firm said sustainable growth in the sector would depend largely on improved electricity supply, better transportation infrastructure, and policies that strengthen local manufacturing, even as it continues to expand production capacity, introduce new products, and pursue regional growth opportunities across Africa.
Annual General Meeting Highlights
The company made the call during its 75th Annual General Meeting held in Lagos, where shareholders reviewed its 2025 financial performance, considered future growth strategies, and discussed industry-wide challenges affecting pharmaceutical manufacturing and healthcare delivery.
Speaking at the meeting, the Chairman of May & Baker Nigeria Plc, Daisy Danjuma, said the company remained committed to maintaining its position as the first pharmaceutical company in West Africa despite prevailing economic challenges. She identified foreign exchange instability, inadequate infrastructure, and rising energy costs as some of the major challenges confronting pharmaceutical manufacturers across Nigeria.
According to Danjuma, the volatility and depreciation of the naira have created significant difficulties for manufacturers and contributed to the exit of several multinational pharmaceutical companies from the Nigerian market.
Investment in New Products and Capacity
She nevertheless maintained that May & Baker had continued to invest in new products and manufacturing capacity, citing the introduction of products such as Roveda and Beta-Lipid capsules alongside investments in machinery and factory expansion. The chairman stated that increased production capacity would not only improve output but also create employment opportunities and stimulate broader economic growth. She emphasised the need for stronger government support, and added that electricity supply remains one of the biggest obstacles facing local pharmaceutical manufacturers.
Financial Performance
Presenting highlights of the company’s 2025 Annual Report and Accounts, Danjuma disclosed that group revenue rose to N38 billion in 2025 from N28.9 billion in the previous year, while profit before tax increased to N13.1 billion from N8.5 billion.
