The General Manager of Pharma Sales and Marketing at May & Baker Nigeria Plc, Obinna Sydney Emeribe, said the company is optimistic about its growth trajectory and targeting N27 billion in revenue for 2024.
This is just as the company reported a 35 per cent growth in 2023 despite formidable economic hurdles while attributing 88 per cent of its significant revenue contributions to its steadfast distributors and customers.
Emeribe, who stated this at the company’s 2014 Customer Forum held in Lagos last week, was bullish on the company’s growth outlook despite macroeconomic headwinds.
He said the outlook for 2024 remains positive as the company continues to grow from strength to strength with the introduction of its variety of products to the market, highlighting the company’s aggressive expansion plans.
However, 2023 was not without its challenges as Emeribe detailed the struggles faced due to the scarcity of foreign exchange and the resultant difficulties in importing essential manufacturing inputs like machinery and raw materials.
He said additionally, the devaluation of the local currency spurred inflation, eroding consumer purchasing power and making products less affordable.
Emeribe said the removal of fuel subsidies and poor infrastructure, particularly deplorable road conditions, further exacerbated operating costs and complicated logistics for the company, which maintains over 100 field representatives.
When asked about potential solutions, he emphasised the need for economic stability.
“Stabilisation of the naira is crucial and we are beginning to see this take effect. This should help in reducing inflation and improving purchasing power, allowing for more seamless importation of necessary inputs,” he explained.
He also highlighted the critical need for improvements in the national power supply to aid manufacturing and overall economic activities.
Emeribe pointed out that May & Baker stands out in the pharmaceutical industry, being one of the few World Health Organisation’s (WHO) pre-qualified manufacturing facilities in Nigeria, ensuring that its products meet international standards.
He said this certification underscores the efficacy of the company’s products and the international quality it guarantees.
Emeribe said with a firm eye on both the challenges and opportunities ahead, May & Baker is poised to maintain its trajectory of growth, driven by innovation and a commitment to quality, even as it navigates the persisting economic challenges.
