‘Nigeria can fund 10 years national budget with earnings from traditional medicine’

Nigeria can fund its national budget for ten years with the potential of traditional medicine raking in over $250 billion (N80 trillion) yearly into the economy.

Stakeholders in traditional medicine in Nigeria told The Guardian that Nigeria can make this amount by developing its rich natural products into nutraceuticals and functional foods. They say Nigeria could in fact, overtake India and China as a hub for traditional medicine utilisation.

Functional foods have a potentially positive effect on health beyond basic nutrition, while Nutraceuticals is a broad term used to describe any product derived from food sources with extra health benefits in addition to the basic nutritional value found in foods.
According to the South African Bureau Standards (SABS), global exports of traditional medicines were worth $1.9 trillion (N7.6 trillion) in 2014, global imports were $608 billion (N2.4 trillion), and this trade is dominated by Europe and America, occupying top spots in both imports and exports of traditional medicines.
The Guardian, August 31, 2017

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now