Nigeria’s Bank of Industry (BOI) has signed a €50 million agreement with EIB Global, an arm of the European Investment Bank, to boost healthcare delivery in Nigeria.
The deal is to support Nigeria’s efforts in the manufacture of vaccines and pharmaceuticals products as well as reduce the country’s reliance on imported medical products.
The Managing Director of the Bank of Industry, Mr. Olasupo Olusi, who announced the deal in Abuja on Monday during the Nigeria-EU Ministerial Summit, described the partnership as a significant step toward integrating Nigeria into global value chains and create high-quality jobs.
He said that the agreement would also support the African Union’s target of producing 60 per cent of the continent’s vaccines locally by 2040.
“This partnership marks a pivotal step in Nigeria’s journey from being a major importer of essential health commodities to becoming a competitive producer within regional and global value chains,” he said.
Olusi said that the partnership also aligned with the Nigerian government agenda on national resilience.
In his speech, Mr. Ambroise Fayolle, the EIB Vice President, said that the partnership would help to improve public health and the standard of living of Nigerians.
“By financing the development and local manufacture of essential medicinal and nutritional products, we are improving access to safe, affordable, and high-quality treatments,” he added.
GIK/APA