The Presidential Initiative on Unlocking Healthcare Value Chain, Afreximbank, and the Bank of Industry have signed a $75 million Memorandum of Understanding to support local manufacturers in Nigeria’s healthcare sector.
The agreement was signed in Abuja, after the commissioning of the African Medical Centre of Excellence on Thursday.
According to Dr. Abdu Mukhtar, National Coordinator of PVAC, the funding will finance local healthcare businesses and foster sustainable growth in the sector.
Dr. Mukhtar explained that empowering the healthcare industry by unlocking the value chain through the funds will enable local businesses to produce pharmaceuticals at a competitive level while meeting Nigeria’s demand for quality and affordable services.
This deal is part of a larger syndicated facility of up to €2 billion, expected to support trade and trade-related projects of Nigerian companies.
Afreximbank acted as lender, bookrunner, and facility agent in the transaction, while PVAC ensured that the local businesses benefiting from the project are viable.
