Nigeria’s pharmaceutical companies relied heavily on short-term bank loans to fund operations, expansion, and working capital.
That model is now under strain as rising interest rates and currency pressures make debt increasingly difficult to sustain. By the second quarter of 2026, a structural shift is taking hold, with firms beginning to restructure their balance sheets to reduce exposure to expensive borrowing.
At the centre of this shift is the cost of capital. Despite recent adjustments, the Central Bank of Nigeria’s Monetary Policy Rate
