The African Export-Import Bank (Afreximbank) has signed a $75 million financing term sheet with Nigeria’s Bank of Industry (BOI) to stimulate local manufacturing within the country’s healthcare value chain.
The agreement, signed on Thursday during the official launch of the African Medical Centre of Excellence (AMCE) in Abuja, is aimed at empowering local manufacturers under the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC).
Olasupo Olusi, BOI’s Managing Director and Chief Executive Officer signed on behalf of the bank, while Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development, represented Afreximbank. Abdu Mukhtar, the National Coordinator of PVAC, signed the agreement on behalf of the Nigerian government.
The funding will be deployed by the BOI to support eligible small and medium-sized enterprises (SMEs) involved in the local production of pharmaceuticals, diagnostics, medical consumables, healthcare technology, and devices as identified under the PVAC framework.
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PVAC was launched in October 2023 by President Bola Tinubu as a flagship intervention to revitalise Nigeria’s healthcare sector. The initiative targets local production and import substitution through strategic investments in infrastructure, manufacturing, and human capacity development across the health ecosystem.
Structured within a broader national health transformation agenda, PVAC focuses on enhancing governance, improving population health outcomes, and strengthening health security and resilience.
In addition to the BOI funding, Afreximbank also signed a separate term sheet between its equity investment subsidiary, the Fund for Export Development in Africa (FEDA), and MINA Holdings. This marks Afreximbank Group’s first venture capital investment in drug development and commercialisation, particularly targeted at addressing the heavy burden of sickle cell disease on the continent. Africa accounts for 66% of the global prevalence of the condition.
The event also witnessed the signing of Heads of Terms between Afreximbank and King’s College London on the establishment of a nursing and medical school within the AMCE, reinforcing efforts to strengthen local capacity for advanced healthcare education and research.
