In a significant boost to Nigeria’s healthcare sector, the African Export-Import Bank (Afreximbank) and the Bank of Industry (BoI) have formalized a $75 million financing term sheet. This funding is specifically earmarked to support local manufacturers operating under the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), a strategic federal government initiative designed to substantially increase domestic production of generic pharmaceuticals, vaccines, biologics, and medical devices.
The signing of the financing term sheet took place last week during the commissioning ceremony of Afreximbank’s African Medical Centre of Excellence (AMCE) in Abuja, an event graced by Vice President Kashim Shettima.
During the ceremony, Vice President Shettima, alongside Afreximbank President, Professor Benedict Oramah, jointly unveiled the bank’s “African Life Sciences Foundation (AfLSF) and Endowment Fund.” This newly established fund is dedicated to fostering research and development of drugs and medical interventions pertinent to people of African descent.
Beyond the $75 million agreement with BoI, Afreximbank also executed a facility agreement for a 100 million Euro trade finance facility in favor of the Development Bank of the Central African States (BDEAC). The bank further cemented its commitment to healthcare innovation by signing its inaugural Afreximbank Group venture capital investment in drug development and commercialization. Additionally, a terms of agreement was signed between Afreximbank and King’s College London (KCL) for the establishment of a Medical and Nursing School at the AMCE, Abuja.
Vice President Shettima lauded the partnership between AMCE and King’s College Hospital, London, emphasizing its role in laying the groundwork for highly skilled African medical specialists. “No medical intervention can endure unless we build the systems that sustain them. We have laid the foundation for African medical specialists who will no longer be exported but empowered,” he affirmed.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, remarked that the collaborative efforts surrounding the AMCE will significantly enhance Nigeria’s foreign exchange earnings and mitigate the costs associated with the exodus of highly skilled medical professionals trained within the country. He added that such initiatives will invigorate Nigeria’s economy and provide comprehensive, “one-stop medical care” for patients.
Brian Deaver, CEO of the African Medical Centre of Excellence (AMCE), expressed gratitude to Afreximbank, assuring that the center will deliver a new benchmark of care. “We thank Afreximbank not only for financing this transformative project but for believing that Africa deserves not just good, but great healthcare,” he stated.
