The African Export-Import Bank (Afreximbank) and Nigeria’s Bank of Industry (BOI) formalized a $75 million financing term sheet on Thursday to bolster local manufacturers under the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC). The signing took place during the commissioning of Afreximbank’s African Medical Centre of Excellence (AMCE) in Abuja, a 500-bed facility designed to elevate healthcare standards across the continent.

The PVAC, a Nigerian government strategy, seeks to ramp up domestic production of generic pharmaceuticals, vaccines, biologics, and medical devices. The agreement was signed by Afreximbank officials and BOI CEO Olasupo Olusi, with Vice President Kashim Shettima representing President Bola Tinubu at the event. Shettima, joined by top government officials and diplomats, also unveiled the African Life Sciences Foundation (AfLSF) and Endowment Fund, a new initiative by Afreximbank to fund research and development of drugs tailored for African populations.

Beyond the BOI deal, Afreximbank inked a €100 million trade finance facility with the Development Bank of the Central African States (BDEAC) and ventured into its first group venture capital investment in drug development. A terms of agreement with King’s College London (KCL) was also signed to establish a Medical and Nursing School at AMCE, enhancing local training capabilities.

Vice President Shettima hailed AMCE as a beacon of hope for African healthcare, crediting the partnership with King’s College Hospital, London, for laying the groundwork for a new generation of African medical specialists. “We have shifted from ‘Japa’ to ‘Japada,’ empowering our specialists to stay and thrive,” he said, referring to the trend of Nigerian professionals returning home. He stressed the need for sustainable systems to ensure lasting medical advancements.

Minister of Finance Wale Edun described AMCE as a $400 million investment, driven by private sector collaboration, that signals significant economic potential for Nigeria and Africa. He noted its capacity to improve foreign exchange earnings, curb the exodus of skilled medical professionals, and provide comprehensive care for patients.

AMCE CEO Brian Deaver pledged a new standard of care defined by excellence, thanking Afreximbank for its financing and vision. “Africa deserves not just good, but great healthcare,” he said. Afreximbank’s Managing Director of Export Development, Oluranti Doherty, clarified that while AMCE’s current investment stands at $300 million, the $400 million figure cited by the government reflects planned expansions, including a research institute, medical offices, a hotel, and the new medical school.

Afreximbank President and AMCE Board Chairman Benedict Oramah, in a November 2024 tribute, underscored AMCE’s transformative vision, paying homage to Prof. Mufti, the project’s clinical advisor, for his contributions to healthcare innovation. Construction of AMCE began in 2022 following a 2021 groundbreaking by former President Muhammadu Buhari, with the facility expected to deliver cutting-edge services, as noted by Senator George Akume, Secretary to the Government of the Federation.