Says market will hit $5tr in 2050
The University of Medical Sciences (UNIMED), Ondo City, Ondo State, has revealed that with the abundance of medicinal plants in the country, Nigeria must exploit its global market currently estimated at about $100 billion.

The institution, while disclosing that the global market of medicinal plants will be worth $5 trillion by 2050, expressed determination in the exploration of herbal medicine.

It stated this, yesterday, during the African Traditional Medicine Day, with the theme, “Development and Promotion of Indigenous Herbal Medicine to Facilitate Universal Healthcare in Nigeria,” organised by the Centre for Herbal Medicine and Drug Discovery and held at the Laje campus of the university.

The keynote speaker, Zainab Shariff, in a paper titled “Development and Promotion of Indigenous Medicinal Plants to Facilitate Universal Healthcare in Nigeria” emphasised the need for value addition to the existing medicinal plants in Nigeria to make them exportable.

She said: “Nigeria is not indicated in the export of medicinal plants despite its large biodiversity. All hope is not lost, however, if the nation can identify hectares of land for cultivation of medicinal plants.

“Cultivate medicinal plants for value addition, produce NAFDAC-listed herbal medicines, phytomedicines, and nutraceuticals, market products to various outlets to support their further research and strengthen research, widen collaboration with relevant stakeholders, and implement a B.Sc., Master’s degree and Ph.D. in herbal medicine, among others.”

On his part, the Vice Chancellor of the institution, Prof. Adesegun Fatusi, said the university was already taking the lead in the area of herbal medicine.

Fatusi disclosed that “as part of the fallouts of the institution’s exposure to the benefits of herbal medicine, the university has established a Department of Complementary Alternative Medicine that will begin a B.Sc. programme in October 2024.”

Also, the Acting Director, Centre for Herbal Medicine and Drug Discovery, Dr Oghale Ovuakporie-Uvo, reiterated the university’s commitment to the exploration of herbal medicine to facilitate universal healthcare.