under the healthcare subsectors, impacting their profitability negatively.
About 70 per cent of inputs of pharmaceutical manufacturers in Nigeria are imported, buttressing the need for the government to put in place robust arrangements to ensure the availability of foreign exchange for the importation of essential items for production. According to the company’s audited financial statement for 2023, it recorded N53.1 billion in revenue, representing a 30.6 per cent increase from the N40.6 billion revenue posted in 2022.
“The harsh economic conditions orchestrated by this policy and others, have not only crippled the operations of many small and medium pharmaceutical companies but have also forced some multinational pharmaceutical companies to shut down operations,” Ajah lamented. CardinalStone Securities Limited handled N153.77 billion in transaction value, an equivalent of 9.9 per cent of the total turnover of the Nigerian Exchange Limited in the first quarter, to lead the famous top 10 table...