How much does it cost to open a pharmacy in Nigeria?

With present economic realities it will take around 8 to 10 million Naira to set up a standard and modern pharmacy shop in Nigeria (don’t forget a pharmacy is different from a chemist shop). The cost of opening a pharmacy is quite high if you want to follow the legal process and legimate means.

This article is dedicated to persons who have been sending me messages asking me to write on the cost in Naira of setting up a pharmacy in Nigeria…

How much does it cost to open a pharmacy in Nigeria?
How much does it cost to open a pharmacy in Nigeria?

Remember, I told you it will take about 8 million to 10 million Naira to open a pharmacy right? Here is the breakdown of the cost in money requirements in opening a pharmacy in Nigeria.

1. Registration

You know you will have to choose a suitable for your pharmacy business and register it with corporate affairs commission (CAC). To register a business with CAC, you will need to pay between #35,000 – #50,000 for a legal business name.

2. Rent

Of course you will need a location for your proposed pharmacy business or pharmacy store. Renting a shop for business depends on the location, the city, size of the shop, the building, security and accessibility of the place amongst other parameters.

A pharmacist friend of mine paid a rent of 1.5 million Naira to you get a shop in Ikeja for a year, another one I know paid a whopping 2million Naira to get a pharmacy shop in Lekki, Lagos. In Surulere, you will get a shop of #300,000 – #500,000 to get a store. In Benin city, pharmacy shops in Sapele Road and GRA pay close to #500,000 yearly rent.

If you are planning of opening a pharmacy shop, know that you will pay rent to get a shop… Add it to your pharmacy business plan. Don’t forget you will paint and renovate your shop to your taste.

READ ALSO: Who can open a pharmacy shop in Nigeria?

3. Drugs

You will need to stock your pharmacy shop isn’t it? Then you will need to spend big to buy drugs, medical services and other medications.

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 (preferably another pharmacist, doctor or pharmacy shop owner) and buy a significant amount and pay later after selling. If you want to stock your shop out of pocket (from your capital), get ready to part with millions of Naira to stock up with drugs.

4. Pharmaceutical Council of Nigeria fee

You must get authorization and approval from PCN to open a pharmacy shop. PCN fees for a standard pharmacy is around #100,000

5. Computer and other electronic hardwares.

You what a open a standard pharmacy, you will need laptops, printers, photocopiers and other electronic devices. Let say you will need just one laptop for know to cut cost… A brand new laptop cost about 150k – 200k depending on the brand. Printers and photocopiers may cost you additional #200,000.

6. Furniture and fittings

You will for sure furnish your pharmacy shop… with chairs, fans, cottons, fittings and fixtures, electricity and air conditioners. Be ready to spend close to #500,000 Naira for this.

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A big camera should have a CCTV to check theft and other shady dealings. CCTV is also good for your security. A four camera CCTV will cost you about #200,000. You wont regret installing it.

8. Staff

You will not work in your pharmacy shops alone.. You will need other staffs Luke fellow pharmacists, sales persons, security personnels, account officers, manangers and even nurses (your choice)… You will pay your workers salaries and this may be out of your pocket for the first few months of commencement of business. This will cost your another #500,000 per month (wage bill). Please start small and add to your staff as the need arises to save cost, don’t go and have an overbloated wage bill. You are not impressing anybody.

9. Other things

Set aside money say #300,000 Naira that will add value to your pharmacy shop. You will need a good sign post, and you may decide to pay for adverts to raise awareness. Think about this.

10. Choice location

Set up your pharmacy in a choice location especially around a busy hospital and you won’t regret it.

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