Ondo varsity urges Nigeria tap into $100bn global medicinal plant market

The University of Medical Sciences (UNIMED) in Ondo has highlighted Nigeria’s missed opportunities in the booming global market for medicinal plants, valued at approximately $100 billion.

This urgent message was delivered during the African Traditional Medicine Day, a significant event organized by the Centre for Herbal Medicine and Drug Discovery at the university’s Laje campus.

The keynote address, presented by Zainab Shariff, was encapsulated in a paper titled: “Development and Promotion of Indigenous Medicinal Plants to Facilitate Universal Healthcare in Nigeria.”

Shariff emphasized the necessity of adding value to Nigeria’s rich array of medicinal plants to make them viable for export. She lamented that despite Nigeria’s vast biodiversity, the nation remains absent from the global export market for medicinal plants.

“All hope is not lost if the nation could 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,” she asserted.

She sees potential for Nigeria’s medicinal plant market to soar to an estimated worth of $5 trillion by 2050, provided the right strategies are implemented.

Professor Adesegun Fatusi, Vice-Chancellor of UNIMED, shared insights on the university’s proactive steps towards embracing herbal medicine.

He revealed that the institution has already initiated a postgraduate diploma in herbal medicine and is on the verge of launching a B.Sc. programme in Complementary Alternative Medicine by October 2024.

Oghale Ovuakporie-Uvo, Acting Director of the Centre for Herbal Medicine and Drug Discovery, reinforced the university’s dedication to leveraging herbal medicine as a cornerstone for universal healthcare.

“An understanding of the empirical basis and rational application of Indigenous traditional medicine, particularly folk and traditional medicinal practice based on the use of plants and plant extracts (herbalism) are crucial for holistic health in the African context,” she stated.

Themed “Development and Promotion of Indigenous Herbal Medicine to Facilitate Universal Healthcare in Nigeria,” the event attracted notable figures including Dr. Tunji Alausa, Minister of State for Health and Social Welfare; Azeez Aderemi, Acting Chief Executive Officer/Interim Administrator of the Federal College of Complementary and Alternative Medicine; and Professor Kofi Busia, along with policymakers and industry experts.