The African Export-Import Bank and Nigeria’s Bank of Industry have signed a $75 million financing term sheet to support local manufacturers under Nigeria’s Presidential Initiative for Unlocking the Healthcare Value Chain.
The agreement, formalized on Thursday during the commissioning of Afreximbank’s African Medical Centre of Excellence in Abuja, aims to bolster domestic production of generic pharmaceuticals, vaccines, biologics, and medical devices.
The PVAC, a strategic initiative by the Federal Government of Nigeria, seeks to enhance local manufacturing capabilities in the healthcare sector.
The signing ceremony, attended by Vice President Kashim Shettima, representing President Bola Tinubu, and other senior officials, marked a significant step toward achieving this goal.
BOI’s CEO, Olasupo Olusi, and Afreximbank officials sealed the deal at the event.
In a parallel development, Afreximbank unveiled its African Life Sciences Foundation and Endowment Fund alongside Vice President Shettima and Afreximbank President, Prof. Benedict Oramah. The fund will support research and development of drugs and interventions tailored to African populations.
Afreximbank also announced a €100 million trade finance facility for the Development Bank of the Central African States, its first venture capital investment in drug development and commercialization, and a partnership with King’s College London to establish a Medical and Nursing School at the AMCE in Abuja.
Speaking to the audience, VP Shettima hailed AMCE as a beacon of hope for Africa. He commended the collaboration between AMCE and King’s College Hospital, London, for establishing a foundation for African medical expertise. He stressed that sustainable medical advancements depend on robust systems, saying, “No intervention lasts without the structures to support it.” Shettima expressed his admiration for the excellence reflected in the AMCE facility.
“We have laid the foundation for African medical specialists who will no longer be exported but empowered,” he said, highlighting a shift from “Japa” (leaving the country) to “Japada” (returning to the country).
In his address, Minister of Finance described AMCE as a remarkable structure, built with at least $400 million in private-sector investments.
Edun emphasized that this project represents a significant investment in Nigeria and the broader African continent.
The CEO of the African Medical Centre of Excellence (AMCE), Brian Deaver, assured that patients will experience a new standard of care defined by excellence.
“We thank Afreximbank not only for financing this transformative project but for believing that Africa deserves not just good, but great healthcare,” he said.
He praised the Federal Government of Nigeria for its unwavering support throughout the journey.
