ECA, ABCHealth partner on Africa investment health summit

The United Nations Economic Commission for Africa (ECA), the African Business Coalition for Health (ABCHealth) and National Institutes of Health (NIH), will host a virtual Africa Investment Summit on Health 2021(AIS) on 20th September 2021

The online event which will convene African Heads of Government and Ministers is scheduled to take place from 10.00 – 12.30hrs Eastern Time Zone, on the margins of the 76th United Nations General Assembly.

Expected to grace the summit are continental, regional and global business leaders, and Development Institutions. The stakeholders will engage in conversation about strategies that will significantly increase access to vital health commodities and supplies in Africa leveraging the African Continental Free Trade Agreement (AfCFTA) and African Medicines Agency (AMA).

“We are confident of the impact this partnership will bring to bear on the continent. It is our firm belief that with the public and private sectors working together, combining political will with business knowledge, Africa’s health sector can be built to the point where it will deliver affordable health to Africans in an equitable manner,” Aigboje Aig-Imoukhuede, ABCHealth Chairman, stated.

According to Vera Songwe, ECA Executive Secretary, investing in health is not just a social good, it also makes a good business case.

“Prior to the COVID-19 pandemic, business opportunities in the healthcare and wellness sector in Africa were estimated to be $259 billion by the year 2030, with the potential to create 16 million jobs. The pharmaceutical industry alone was estimated to be US$60 billion in 2020 and is still growing. The AfCFTA-anchored Pharma Initiative represents lucrative private sector investment and innovation opportunities that will change lives, reduce poverty and contribute to Africa’s inclusive and sustainable economic development,” Songwe said.

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ABCHealth is a coalition of businesses, philanthropists and development institutions that collectively seek greater private sector contribution towards Africa’s health needs at national, regional and continental levels.

The Coalition will develop and deploy impactful health programs across Africa, deepen knowledge, building evidence for future investments and strengthen coordination among African business leaders, companies, philanthropists and global business networks for coordinated action on health.

Aliko Dangote is Chairman and President of Dangote Industries Limited, and Chairman of the Aliko Dangote Foundation through which he Co-Founded ABCHealth.

Aigboje Aig-Imoukhuede is Co-Founder and Chairman, ABCHealth & Founder and Chairman, Coronation Capital Limited. Mories Atoki is the Chief Executive Officer of ABCHealth.

ECA, on the other hand is established by the Economic and Social Council (ECOSOC) of the United Nations (UN) in 1958 as one of the UN’s five regional commissions with the mandate is to promote the economic and social development of its member States, foster intra-regional integration, and promote international cooperation for Africa’s development.

Made up of 54 member States, and playing a dual role as a regional arm of the UN and as a key component of the African institutional landscape, ECA is well positioned to make unique contributions to address the Continent’s development challenges.

ECA’s strength derives from its role as the only UN agency mandated to operate at the regional and sub-regional levels to harness resources and bring them to bear on Africa’s priorities.

Vera Songwe is the United Nations Under-Secretary General and Executive Secretary of the ECA.