Nigerian Healthcare Manufacturers Set for Big Win with $75M from Afreximbank and BOI
In a major push for healthcare innovation in Nigeria, Local Healthcare Manufacturers are about to receive a much-needed boost. The African Export-Import Bank (Afreximbank) and Nigeria’s Bank of Industry (BOI) have teamed up to offer $75M to support the country’s healthcare value chain.
This funding deal is part of the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), a Federal Government project designed to localise the production of essential medical supplies and reduce Nigeria’s dependence on imported health products.
Why This $75M Boost Matters
For years, Local Healthcare Manufacturers have struggled with poor infrastructure, limited access to funding, and stiff competition from foreign companies. This $75M from Afreximbank and BOI isn’t just a loan, it’s a lifeline.
Here’s why it’s so important:
- It strengthens pharmaceutical manufacturing in Nigeria.
- It boosts vaccine and biologics production for local and regional needs.
- It supports medical device makers working to close the equipment gap.
- It improves healthcare access by ensuring life-saving products are made closer to home.
Breaking Down the Partnership
The announcement was made during the launch of the African Medical Centre of Excellence (AMCE) in Abuja, an Afreximbank-led facility focused on cutting-edge healthcare solutions. Vice President Kashim Shettima and Afreximbank President Benedict Oramah attended the event, highlighting the strategic nature of the deal.
The $75M from Afreximbank and BOI will be made available specifically to Local Healthcare Manufacturers producing generic drugs, medical equipment, and vaccines, all part of Nigeria’s broader plan to strengthen its health system from the ground up.
What Local Manufacturers Stand to Gain
Here’s what this financing deal could mean in real terms for Local Healthcare Manufacturers:
- Access to Affordable Capital
Instead of taking on expensive commercial loans, manufacturers can now grow with strategic, long-term capital.
- Job Creation
With more manufacturing comes more employment, especially for pharmacists, technicians, lab scientists, and logistics workers.
- Reduced Foreign Dependence
Nigeria imports up to 70% of its medical products. This deal helps turn the tide by boosting local capacity.
- Global Competitiveness
With support from Afreximbank and BOI, Nigerian firms can scale production and compete beyond local borders.
Also Read: 3 Ways Your Small Business Can Finally Thrive with Government Certifications
A Part of a Bigger Vision
The $75M from Afreximbank and BOI is not a standalone gesture. It’s part of a bigger push:
- Afreximbank also signed agreements to launch an African Life Sciences Foundation and invest in drug research and commercialization.
- A €100 million trade finance deal was signed with the Development Bank of Central African States.
- Plans are underway to develop a Medical and Nursing School in collaboration with King’s College London at the AMCE in Abuja.
All these efforts point to one goal, which is empowering Local Healthcare Manufacturers and repositioning Africa as a producer, not just a consumer, of quality medical care.
Healthcare Infrastructure is Shifting
As President Tinubu’s administration focuses on rebuilding the health system, the support for Local Healthcare Manufacturers couldn’t come at a better time. The country’s foreign exchange pressure, rising healthcare costs, and the outflow of skilled workers (“japa”) demand a local solution.
With this $75M from Afreximbank and BOI, Nigeria hopes to:
- Retain medical talent
- Cut down health tourism
- Drive medical innovation locally
- Serve neighbouring West African countries
What the Future Holds for Local Healthcare Manufacturers
If implemented effectively, this initiative could change everything:
- More generic drugs manufactured in Nigeria
- Affordable vaccines produced locally
- Wider distribution of medical tools to rural hospitals
- Investment in life sciences research based in Africa
The challenge now is execution. Proper monitoring, transparency, and stakeholder engagement are key to turning this promise into impact.
Don’t Miss: How to Set Up a Winning Grant Proposal Plan for Your Startup Brand in Nigeria
Final Thoughts
The announcement of $75M from Afreximbank and BOI to support Local Healthcare Manufacturers marks a turning point for Nigeria’s healthcare sector. It’s not just a financial commitment, it’s a vote of confidence in Nigerian capability.
For medicines and medical devices, amongst others, this fund opens new doors for innovation, jobs, and access. If the momentum continues, Nigeria could soon become a major hub for health innovation in Africa.
