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FG Afreximbank signs $1b deal for health sector growth
FG Afreximbank signs $1b deal for health sector growth
The Africa Export-Import Bank (Afreximbank) and the Federal Government recently inked a ground-breaking $1 billion partnership agreement, which is a major step towards improving the healthcare industry in Nigeria. Through this partnership, the President’s Initiative for Unlocking Healthcare Value Chains (PVAC) will support the growth of Nigeria’s healthcare sector.
Furthermore, the Africa Finance Corporation (AFC) has committed to investing US$40 million in the construction of the African Medical Centre (AMCE) in Abuja. This state-of-the-art medical facility, boasting 500 beds, is a joint venture between Afreximbank and King’s College Hospital, London (KCH).
The signing of two Memoranda of Understanding (MOUs) at the AMCE Africa Health Forum 2024 in Abuja marked a pivotal moment in the partnership between these institutions. Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, emphasized that this collaboration with the Federal Government aims to establish world-class medical and health facilities while also boosting domestic manufacturing of essential pharmaceuticals, diagnostics, vaccines, biologics, and medical consumables.
Samaila Zubairu, President and CEO of AFC, highlighted the critical infrastructure gap and shortage of quality medical practitioners plaguing Africa’s healthcare sector. He emphasized the difficulties government-owned healthcare facilities face, as they frequently lack the resources and are overworked, which forces them to depend on medical tourism. Zubairu pointed out that hospitals across West Africa struggle with funding constraints, inadequate resources, and limited access to rural areas.
Prof. Mohammed Ali Pate, the Coordinating Minister of Health and Social Welfare, expressed optimism about the MOU’s potential to unlock the healthcare ecosystem through the US$1 billion healthcare value chain program. He noted that several stakeholders have already expressed interest in participating in these transformative initiatives.
The partnership between Afreximbank, AFC, and the Federal Government signifies a concerted effort to address the pressing healthcare challenges facing Nigeria. By investing in state-of-the-art medical infrastructure, fostering local production of essential healthcare products, and enhancing access to quality healthcare services, this collaboration holds the promise of revolutionizing the country’s healthcare landscape.
As stakeholders continue to rally behind these initiatives, there is a palpable sense of optimism that the $1 billion investment will not only bridge existing healthcare gaps but also pave the way for a healthier and more resilient Nigeria. This landmark agreement stands as a testament to the transformative power of strategic partnerships in driving sustainable development and improving the well-being of communities across Africa.
