Afreximbank and BOI Sign $75 Million Deal to Boost Nigeria’s Local Drug Manufacturing

The African Export-Import Bank (Afreximbank) and Nigeria’s Bank of Industry (BOI) have signed a $75 million financing term sheet to support local drug and medical equipment manufacturers under Nigeria’s Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC).

The agreement was formalized during the commissioning of the African Medical Centre of Excellence (AMCE) in Abuja.

PVAC is a federal strategy aimed at increasing domestic production of generic drugs, vaccines, biologics, and medical devices. The signing marks a key step in supporting Nigerian manufacturers and reducing dependence on medical imports.

The event also featured the launch of the African Life Sciences Foundation (AfLSF) and its Endowment Fund, created by Afreximbank to support research and development tailored to African populations. In addition to the PVAC financing, Afreximbank signed a €100 million trade finance agreement with the Development Bank of the Central African States and unveiled its first venture capital investment in drug development.

Afreximbank also signed an agreement with King’s College London to establish a Medical and Nursing School at the AMCE facility in Abuja.

Vice President Kashim Shettima, who represented President Bola Tinubu at the event, described the AMCE as a symbol of progress for African healthcare. He highlighted the significance of building sustainable systems that empower African medical professionals, marking a shift from brain drain to brain gain. “We have laid the foundation for African medical specialists who will no longer be exported but empowered,” he said.

Finance Minister Wale Edun emphasized the AMCE’s impact on Nigeria’s economy, noting that the facility is expected to curb the loss of medical professionals and reduce foreign medical trips. Edun explained that the \$400 million estimate mentioned by the government reflects both the $300 million already invested and expansion plans for additional research and training facilities.

These expansions will include a research institute, medical offices, a hotel for patients’ families, and a medical and nursing school. The Managing Director for Export Development at Afreximbank, Oluranti Doherty, added that the AMCE model is planned for replication across other African regions.

The 500-bed hospital in Abuja began construction in 2022, following a groundbreaking in December 2021. It is expected to launch in June 2025. Afreximbank President Benedict Oramah, who also chairs the AMCE board, described the center as a milestone in delivering world-class, accessible healthcare in Africa. He also paid tribute to Prof. Mufti, a renowned hematologist and AMCE clinical advisor, for his contributions to the project.

The AMCE stands as one of Nigeria’s most significant healthcare investments and symbolizes the country’s growing commitment to building a self-reliant medical system.