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.
Details of the Signing and Fund
At the event attended by Nairametrics, 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.
More Insights
Addressing the audience, Vice President Shettima described AMCE as a promise for the African continent.
- He praised the partnership between AMCE and King’s College Hospital, London, noting that they have laid the foundation for African medical specialists.
- He emphasized that no medical intervention can endure unless “we build the systems that sustain them.”
- Shettima expressed delight in the excellence embodied by the AMCE facility.
“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.
- He stressed that this development signifies a huge investment in Nigeria and Africa.
- According to him, the partnership surrounding AMCE will improve Nigeria’s foreign exchange earnings and reduce the cost of exit and exodus of highly skilled medical staff trained in Nigeria.
- He said this will boost Nigeria’s economy and provide one-stop medical care for patients.
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.
- He also thanked the Federal Government of Nigeria for its unwavering support throughout the journey.
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”.
- She added that the AMCE expansion involves a research institute, medical offices for medical practitioners across the country who want to have their offices in AMCE and make use of this facility.
- She added that it also involves a hotel component for people who have their families and plans to develop a medical and nursing school, which should complement the facility.
- She added that the AMCE project will be replicated in other regions.
What You Should Know
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.
- Construction of the 500-bed AMCE in Abuja began in 2022, following a groundbreaking ceremony in December 2021 by former President Muhammadu Buhari.
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.
- He also paid a heartfelt tribute to Prof. Mufti, a globally celebrated hematologist and Clinical Advisor for the AMCE project, for his dedication to healthcare innovation and education.
- As highlighted by several government officials, the medical site joins other positive investments on Nigerian soil.
Nairametrics previously reported that the AMCE is a $300 million investment led by Afreximbank in partnership with King’s College Hospital, London.
