Harnessing Natural Medicine as a Resource for Socioeconomic Development

Natural medicine is currently gaining global acceptance among the developed and developing countries of the world due to its low toxicity, high efficacy and cost effectiveness. Developed countries are devising medicinal systems that require the use of medicinal plant products and resources. Thus, a marked increase in world demand for medicinal plant resources has emerged in the recent years and that has provided a great opportunity for medicinal plants exporting nations to expand their economy shares in this sector. Despite the Nigeria immense socio-economic promise, the country is in critical need following the fact that the multidimensional poverty rate is 63 % and the rate of unemployment 33.3 % remains high. Nigeria is blessed with over 10,000 species of natural medicinal plants resources but less than 20 % of the plants are utilized. Natural medicinal plant resource has the potentials to create jobs along it value chains and which invariability results in the socio-economic development of Nigeria. To benefit from the global medicinal plant market fortune with an estimated prospect of $5trillion by 2050, there is every need for the country to harness its natural medicinal resources for socio-economic development. This paper thus explores; natural medicines, natural medicinal resources, socio-economic development, potentials of medicinal plants to socio-economic development, threat to natural medicinal resources and conservation strategies for harnessing medicinal plant sustainably.