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
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