The Nigerian health sector’s real GDP grew by 2.41% year-on-year in Q2 2024, up from 1.95% in the same quarter of 2023.
According to reports by the National Bureau of Statistics (NBS) released today, Nigeria’s Human Health and Social Services sector experienced a 2.41% year-on-year real GDP growth in the second quarter of 2024.
This figure marks a slight improvement from the 1.95% growth recorded in the same quarter of 2023, reflecting a 0.46 percentage point increase.
Despite the sector’s robust growth, its contribution to Nigeria’s overall real GDP in Q2 2024 stood at 0.75%. While this represents a slight improvement from the 0.72% contribution recorded in Q1 2024, it is still lower than the 0.77% contribution observed in Q2 2023.
The Federal Government also declared an Executive Order removing import duties, VAT, and excise duties on pharmaceutical raw materials, intermediate products, and medical diagnostic equipment and machinery.
Dr. Muda Yusuf, Director/CEO of CPPE, highlighted that this move is expected to reduce the cost of drugs, create jobs, and significantly enhance the well-being of citizens.
Additionally, the government signed a Memorandum of Understanding with Global Gases Group for the establishment of production plants for liquefied medical oxygen in Nigeria.
The Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, announced that new gas plants, each capable of producing 100 tons of oxygen per day, will be established across northern and southern Nigeria.
He emphasized that this initiative aligns with the Nigeria Health Sector Renewal Investment Initiative and President Tinubu’s Executive Orders aimed at unlocking the health sector value chain.
