Against the backdrop of Africa’s heavy dependence on imported medicines, The Alternative Bank has intensified efforts to support local pharmaceutical manufacturing in Nigeria through specialised non interest financing targeted at industrial pharmacists and healthcare operators.

The move comes as Africa continues to bear about 25 per cent of the global disease burden while importing nearly 97 per cent of its pharmaceutical products, a situation that exposed the continent’s vulnerability during the COVID-19 pandemic.

Speaking in an interview with the National Association of Industrial Pharmacists of Nigeria, NAIP, for the maiden edition of its Pharma Industry Digest, Jekwu Ozoemene said strengthening local pharmaceutical production has become critical to Nigeria’s healthcare security and economic survival.

According to him, the bank is positioning itself as a strategic financing partner for players across the pharmaceutical value chain through asset-backed and risk-sharing financing structures designed to support sustainable growth.

“Pharma and medicine security and sovereignty is essential to Nigeria’s survival. We are positioned to partner with all stakeholders to make this a reality,” he said.

He explained that unlike conventional lending models, the bank aligns repayment obligations with the actual cash flow of businesses, thereby reducing pressure on manufacturers and distributors.

Ozoemene disclosed that the bank has introduced healthcare-focused financing products nationwide, including stock financing, vendor and distributor financing, revolving drug funds and supply chain financing.

He added that the bank is also supporting broader healthcare reforms through health insurance schemes, health management information systems, Banking-as-a-Service platforms and capital market access initiatives in collaboration with State Health Boards.

“We don’t only want to finance the company that imports the most products. We also want to finance industrial pharmacists establishing WHO-compliant manufacturing plants to produce essential medicines locally,” he added.