The African Export-Import Bank (Afreximbank) and the Nigerian government-owned Bank of Industry (BOI) have announced the signing of a $75 million financing term sheet to support local manufacturers under the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) in Nigeria.
The PVAC is a Federal Government of Nigeria strategy aimed at achieving a measurable increase in the domestic manufacturing of generic pharmaceuticals, vaccines, biologics, and medical devices.
The financing term sheet was signed by officials of Afreximbank and the CEO of the Bank of Industry, Olasupo Olusi, on Thursday at the commissioning ceremony of the bank’s African Medical Centre of Excellence (AMCE) in Abuja.
The health facility was commissioned by President Bola Tinubu who was represented by Vice President Kashim Shettima, alongside other top government officials and diplomats.
At the event attended by Naijaonpoint, Vice President Kashim Shettima and Afreximbank President, Prof. Benedict Oramah, unveiled the bank’s “African Life Sciences Foundation (AfLSF) and Endowment Fund.”
The fund was created to support research and development of drugs and interventions relevant to people of African descent.
In addition to the $75 million financing term sheet with BOI, Afreximbank also signed a facility agreement for a €100 million trade finance facility in favor of the Development Bank of the Central African States (BDEAC).
The bank further signed its first Afreximbank Group venture capital investment in drug development and commercialization, as well as a terms of agreement between Afreximbank and King’s College London (KCL) on the establishment of a Medical and Nursing School at the AMCE, Abuja.
Addressing the audience, Vice President Shettima described AMCE as a promise for the African continent.
“We have laid the foundation for African medical specialists who will no longer be exported but empowered,” he said, highlighting a shift from “Japa” (leaving the country) to “Japada” (returning to the country).
In his remarks, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the AMCE is a wonderful edifice that cost at least $400 million, mobilized through investments involving the private sector.
The CEO of the African Medical Centre of Excellence (AMCE), Brian Deaver, assured that patients will experience a new standard of care defined by excellence.
“We thank Afreximbank not only for financing this transformative project but for believing that Africa deserves not just good, but great healthcare,” he said.
Sharing further insights on AMCE, in an interview with newsmen, the Managing Director, Export Development, Afreximbank, Ms. Oluranti Doherty, said while the total investment cost for the AMCE is $300 million, the federal government’s comment on $400 million cost associated with the facility, “was in reference to the expansion of the next project that we are undertaking”.
Recall that the Secretary to the Government of the Federation, Senator George Akume, previously stated that “cutting-edge medical services” are expected following the planned launch of the AMCE in Abuja in June 2025.
Benedict Oramah, President of Afreximbank and AMCE Board Chairman, delivered a moving tribute titled “From One Life to a Journey of Many Lives” on November 25, 2024, highlighting the transformational vision behind the AMCE and emphasizing its potential to provide accessible, high-quality medical care across Africa.
Benedict Oramah, President of Afreximbank and AMCE Board Chairman, delivered a moving tribute titled “From One Life to a Journey of Many Lives” on November 25, 2024, highlighting the transformational vision behind the AMCE and emphasizing its potential to provide accessible, high-quality medical care across Africa.
Naijaonpoint previously reported that the AMCE is a $300 million investment led by Afreximbank in partnership with King’s College Hospital, London.