In a significant move to strengthen Nigeria’s healthcare manufacturing capacity, the African Export-Import Bank (Afreximbank) and the Bank of Industry (BoI) have signed a $75 million financing term sheet under the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC). This funding aims to support local manufacturers in producing generic pharmaceuticals, vaccines, biologics, and medical devices.
The agreement was signed last week during the commissioning of the African Medical Centre of Excellence (AMCE) in Abuja. The ceremony was attended by Nigeria’s Vice President, Senator Kashim Shettima, who officially inaugurated the project alongside the President of Afreximbank, Professor Benedict Oramah.
The PVAC initiative is a flagship programme of the Federal Government, designed to reduce dependency on imported healthcare products and to scale domestic production through targeted investments in the health sector. The $75 million term sheet between Afreximbank and BoI is expected to catalyse investments in pharmaceutical and medical device manufacturing, ultimately boosting access to quality healthcare in Nigeria.
Speaking at the ceremony, Vice President Shettima emphasized the broader impact of the partnership. He praised the collaboration between the AMCE and King’s College Hospital, London, which is set to revolutionize specialist medical training in Africa. “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,” Shettima said.
The event also marked the launch of the African Life Sciences Foundation (AfLSF) and its Endowment Fund by Afreximbank. The Foundation will fund research and development of innovative medical solutions tailored to the health needs of Africans, with a focus on diseases affecting people of African descent.
In addition to the PVAC financing, Afreximbank signed a €100 million trade finance facility with the Development Bank of the Central African States (BDEAC), reflecting the bank’s broader commitment to strengthening Africa’s regional health and economic infrastructure.
The bank also entered into a strategic partnership with King’s College London for the establishment of a Medical and Nursing School at the AMCE, which is expected to serve as a regional hub for medical training and innovation. This initiative marks Afreximbank’s first Group venture capital investment in pharmaceutical development and commercialisation.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the long-term economic benefits of the project. He said the AMCE would help reduce the exodus of skilled healthcare professionals and enhance Nigeria’s foreign exchange earnings by providing world-class treatment locally. “This partnership will boost our economy and provide a one-stop medical care solution for patients, thereby reducing outbound medical tourism,” he said.
Brian Deaver, the CEO of AMCE, reaffirmed the centre’s commitment to redefining healthcare standards in Nigeria and across the continent. “We thank Afreximbank not only for financing this transformative project but for believing that Africa deserves not just good, but great healthcare,” Deaver said.
The African Medical Centre of Excellence, located in Abuja, is envisioned as a state-of-the-art medical facility that will provide specialised treatment, research, and training. Once fully operational, it is expected to serve patients across West Africa and become a major centre for medical innovation and care on the continent.
This financing and institutional partnership are part of Afreximbank’s broader health strategy to localize manufacturing, promote healthcare investment, and develop human capacity within Africa’s medical ecosystem
