The African Export-Import Bank (Afreximbank) and the Bank of Industry (BOI) have announced a $75 million financing agreement to enhance local manufacturing in Nigeria’s healthcare sector. Officials formalized the deal during the commissioning of Afreximbank’s African Medical Centre of Excellence (AMCE) in Abuja.
Supporting Local Production
This financing term sheet aims to support local manufacturers under the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC). The initiative seeks to increase domestic production of generic pharmaceuticals, vaccines, biologics, and medical devices. The BOI will allocate funds to small and medium-sized enterprises (SMEs) involved in producing these essential healthcare products.
A Commitment to Healthcare Development
Afreximbank and BOI officials signed the agreement in the presence of Vice President Kashim Shettima and Afreximbank President Prof. Benedict Oramah. They also launched the African Life Sciences Foundation (AfLSF) and Endowment Fund, which will back research and development of drugs relevant to people of African descent.
Broader Initiatives
In addition to the BOI financing, Afreximbank signed a €100 million trade finance facility agreement with the Development Bank of the Central African States (BDEAC). The bank also initiated its first venture capital investment in drug development and commercialization. Furthermore, they agreed to establish a Medical and Nursing School at the AMCE in collaboration with King’s College London. These initiatives underscore Afreximbank’s commitment to advancing healthcare development and capacity building across Africa.
