€50m Deal Signals Shift Towards Nigeria’s Healthcare Independence
Nigeria’s push to reduce its heavy reliance on imported medical supplies has received a significant boost, as new financing targets local production of essential health commodities.
A €50 million agreement between EIB Global, the development arm of the European Investment Bank, and the Bank of Industry (BOI) is set to accelerate the growth of Nigeria’s healthcare manufacturing sector.
The deal, announced in Abuja during the Nigeria-EU Ministerial Summit, will support the local production of pharmaceuticals, vaccines and diagnostic tools.
The funding will be channelled through a credit facility designed to empower Nigerian manufacturers, particularly small and medium-sized enterprises, to scale operations and meet international quality standards.
The initiative is part of the European Union’s Global Gateway strategy and aligns with Nigeria’s ambition to strengthen its health system and industrial base.
Speaking at the event, BOI Managing Director, Dr Olasupo Olusi, described the partnership as a turning point for Nigeria’s healthcare sector.
He noted that mobilising long-term financing would not only improve access to essential medicines but also drive job creation, skills development and economic growth.
Also, EIB Vice President Ambroise Fayolle emphasised that the investment would enhance access to affordable and high-quality treatments while strengthening supply chain resilience across the country.
The project is backed under the Human Development Accelerator programme, supported by the European Commission and the Gates Foundation, and aims to close critical financing gaps in Nigeria’s healthcare manufacturing ecosystem.
Beyond improving national health security, the initiative is expected to position Nigeria as a competitive player in regional value chains, with export opportunities across the ECOWAS market.
It also aligns with the African Union’s target of producing 60 per cent of vaccines and essential medicines locally by 2040.
With over €2.3 billion already invested in Nigeria since 1978, EIB Global says the latest intervention underscores a growing commitment to sustainable development and private sector-led growth in Africa.
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