I want to share with young pharmacists what it will cost them to open new pharmacy in Nigeria. As I travel round the country under the #teachafricaaboutbusiness project sponsored by Geneith Pharmaceuticals limited where we teach Pharmacists how to grow their sales one of the things I have noticed is that a lot of pharmacists want to start their own community pharmacies but do not know what it will cost them to open new pharmacy in Nigeria.

So, to open new pharmacy in Nigeria that is up to standard of a modern pharmacy in Nigeria, here is a break down of what you need to budget for

  1. RENT – This is usually dependent on the location. However, for a good location situated in a middle income neighborhood, you need to budget about at least N1.5 million for two years where rent will take about six hundred to seven and fifty thousand naira. Now, this varies widely not only from state to state but from locality to locality. For instance, a young pharmacist recently paid #1.5 for a year in Ikeja while another just paid N300,000 for a year in Ebutte metta.
  2. FURNITURE – To open new pharmacy in Nigeria that will look very attractive, you need to budget at least one million naira for furniture. When it comes to furniture be aware too that there are two types of plywoods that furniture makers use. What you must insist they use for you is HBF board and not MBF. The two look exactly alike but one is ordinary cardboard while the other one is wood. The One million can get you a decent shelve that combines wood and glass counters. Note of warning though. Make sure you get reference for any furniture maker you want to use. A lot of them make rubbish even after promising to make Italian standard shelves for you. Some disappear with the initial deposit
  3. DRUGS – To properly stock a new pharmacy, you need to budget at least three million naira for drugs alone and another two million for cosmetics. The good news though is that a lot of wholesalers are ready to give you stock on credit if you come with someone they know and buy a significant amount. I know a wholesaler who will match you naira for naira on the products you pay cash for with the value equivalent in credit facility. Be careful though because a lot of pharmacists abuse this privilege.  treating malaria
  4. FITTINGS – To open new pharmacy in Nigeria, you need to budget at least #500,000 for fittings, AC, and fans
  5. COMPUTER – A decent computer system will cost you about #150,000 if you go for a fairly used system. But if you prefer a brand new one, you need to budget at least #450,000 to cover computer, receipt printer and software
  6. CCTV – In this day a time, this is a must in a new pharmacy anywhere in Nigeria. A four camera CCTV will cost you about #150,000
  7. TRAINING – You need to train your staff on how to grow sales just like you can see in the video below which we did for a retail pharmacy in Lagos. A good start off training will cost you between #50 to 200 thousand depending on the scope and duration. But you can download some of our BUSINESS DEVELOPMENT videos for free here
  8. OTHERS – You need to set aside about #500,000 for other stuffs that may come up or that you may think will add value to your pharmacy

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