Afreximbank, BoI Sign $75m Deal to Boost Local Healthcare Manufacturing

The African Export-Import Bank (Afreximbank) and the Bank of Industry (BoI) have signed a $75 million financing agreement to support the development of Nigeria’s healthcare manufacturing sector.

The deal, signed during the commissioning of the African Medical Centre of Excellence (AMCE) in Abuja, aims to enhance local production of pharmaceuticals, vaccines, medical devices, and other healthcare products.

The funding forms part of the Presidential Initiative to Unlock the Healthcare Value Chain (PVAC), designed to reduce Nigeria’s reliance on imported medical goods and to foster the growth of indigenous healthcare industries.

At the event, Afreximbank President Prof. Benedict Oramah also announced the launch of the African Life Sciences Foundation (AfLSF), an organization that will drive investment in drug research, development, and healthcare innovation tailored to the African continent.

Several other agreements were also signed, including a €100 million trade finance facility with the Development Bank of the Central African States (BDEAC), a venture capital initiative in drug development, and a strategic partnership with King’s College London to establish a medical and nursing school at the AMCE.

Vice President Kashim Shettima, who was present at the ceremony, commended the partnership, describing it as a significant step towards building self-reliance in Africa’s healthcare ecosystem. He noted that initiatives like this would empower local talent and reduce the need for African health professionals to seek opportunities abroad.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the long-term benefits of the agreement, including increased foreign exchange earnings, improved access to healthcare, and the creation of skilled jobs in the health sector.

The $75 million facility is expected to boost research and development, support infrastructure for advanced medical training, and position Nigeria as a key player in Africa’s healthcare landscape.