Traditional Medicine: “Nigeria can earn $19.4bn annually,” say Experts

Experts have noted that Nigeria can earn over $19.4 billion (N13.58 trillion) annually from traditional medicine and consequently have urged the government to maximize the value chain to boost foreign exchange earnings and healthcare in the country.

Speaking at the commemoration of the 2022 African Traditional Medicine Day, celebrated every 31st August, the experts said the date was set aside to promote the important role of the continent’s rich biodiversity of medicinal plants and herbs in improving the well-being of the people.

A Professor of Taxonomy and Economic Plants, Department of Botany, Faculty of Science, University of Lagos, Prof. Dele Olowokudejo, in an interview explained that proper collection, harvesting and sale of wild medicinal plants opens another source of income to rural dwellers and the government.

He also stressed that the professional packaging and marketing of herbal remedies or medicines offers the country a chance to earn foreign exchange, especially at a time when demand for foreign currency outstrips supply.

“The world market for herbal remedies in 1999 was calculated to be worth $19.4 billion (N13.58 trillion),” he informed.

According to the professor, traditional medicine could be effectively used in addressing viral and infectious diseases, such as COVID-19, Monkeypox, Marburg Virus and Ebola Virus, among others.

He pointed out that several herbal remedies had been used to treat viral and infectious diseases traditionally for a long time and ethnomedicinal literature has documented numerous medicinal plants harbouring antiviral molecules.

However, Olowokudejo warned that intensive basic and applied research is required to test for efficacy, toxicity and adverse reactions of herbal plants before usage.

“Herbal sources provide researchers enormous scope to explore and bring out viable alternatives against viral and infectious diseases,” he added.

Meanwhile, other stakeholders recalled that during the conference of the Traditional, Complementary and Alternative Medicine (TCAM) in June, the Minister of Health, Dr. Osagie Ehanire, informed that plans were under way to ensure traditional medicine is legally absorbed into the country’s Primary Health Care System.

This is to encourage the growth and utilization of over 10,000 species of medicinal plants, which Nigeria is blessed with, as raw materials for pharmaceutical, food and cosmetic industries.

Source: Agro Nigeria