Nigeria has taken a major step toward reducing its dependence on imported medicines with the signing of a $75 million financing deal between the African Export-Import Bank (Afreximbank) and Nigeria’s Bank of Industry (BOI). The agreement will support local manufacturers of pharmaceuticals and medical equipment under the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC).

The term sheet was signed during the commissioning of the African Medical Centre of Excellence (AMCE), a 500-bed hospital in Abuja set to open officially in June 2025. Afreximbank backs the hospital and aims to provide world-class healthcare services in West Africa.

The PVAC initiative, led by the Federal Government, is designed to scale up the local production of generic drugs, vaccines, biologics, and medical devices. The $75 million financing package is expected to strengthen Nigeria’s pharmaceutical manufacturing sector and reduce reliance on imports.

Vice President Kashim Shettima, who represented President Bola Ahmed Tinubu at the event, described the AMCE as a “symbol of progress” in Africa’s journey to self-sufficiency in healthcare. “We have laid the foundation for African medical specialists who will no longer be exported but empowered,” he said.

Finance Minister Wale Edun emphasized the economic impact of the AMCE project, which is estimated at $400 million. He explained that this figure includes the $300 million already invested and planned expansions such as a medical and nursing school, research institute, medical offices, and lodging for patients’ families.

Afreximbank President Prof. Benedict Oramah, who also chairs the AMCE board, said the facility marks a significant milestone in delivering accessible and high-quality healthcare in Africa. He also paid tribute to Prof. Mufti, a renowned hematologist and clinical advisor to the AMCE, for his role in shaping the center’s vision.

In addition to the PVAC financing, Afreximbank launched several other healthcare-related initiatives at the event.

Oluranti Doherty, Afreximbank’s Managing Director for Export Development, confirmed that the AMCE model is intended for replication in other African regions to further support the continent’s medical and research capacity.

Construction of the AMCE began in 2022 after a groundbreaking ceremony in December 2021. Once operational, it is expected to help retain African medical professionals, reduce outbound medical tourism, and enhance regional access to advanced healthcare.

The AMCE is now regarded as one of the most significant investments in Nigeria’s health sector and a critical step toward building a resilient, self-reliant healthcare system.