• Friday, April 19, 2024
businessday logo

BusinessDay

FG, Afrexim sign $1bn partnership to unlock Nigeria’s healthcare system

Intra-African trade fair generates $120bn trade, investment deals

Nigeria on Wednesday signed a strategic $1billion health care value chain program partnership agreement with the African Export-Import Bank (Afreximbank) aimed and unlocking needed resources in the sector, in terms of investments, human capital, and research among others.

The partnership is to support the establishment of world-class medical and health facilities and increase domestic manufacturing of essential pharmaceuticals, diagnostics, vaccines, biologics, and medical consumables.

Read also: Afreximbank president to deliver lecture on insecurity, poverty

The Memorandum of Understanding (MOU) was signed in Abuja by Ali Pate, Coordinating Minister of Health and Social Welfare, on behalf of the federal government and Benedict Okey Oramah President of Afreximbank.

It was signed during the inaugural African Health Forum 2024 of the African Medical Centre of Excellence (AMCE Abuja), a 500-bed world-class medical facility being built by Afreximbank, and to be run in partnership with the Kings College Hospital, London in the heart of Abuja to offer a wide range of services and specializations including oncology, cardiology, hematology, and general care capabilities.

The AMCE Abuja will also provide a full range of medical services, including diagnostics, treatment, nuclear medicine, surgery and post-surgical care.

Pate said that the MOU is for partnership on initiatives that will unlock the health ecosystem through this US $1 billion healthcare value chain program and that already, several actors are interested in participating.

He said the program will encompass financing support and investment, infrastructure development, human capital development, research and innovation and technology, policy, regulatory and quality improvement efforts, market access and investment promotions, environmental and sustainability initiatives, etc.

“Through the program, we will increase domestic manufacturing by boosting the local production of essential pharmaceuticals, diagnostics, vaccines, biologics, medical consumables, and devices to reduce our dependency on imports and enhance our health security,” he stated.

“This signing is a landmark event and an evidence of what is possible, pulling our resources together,” states Oramah under whose leadership at the Afrexim bank under whose leadership the AMCE project was conceived and being implemented.

Read also: NCDs top agenda as Afreximbank prepares for African health forum

According to him, the AMCE facility will serve as a leading center for research and development in medicine and clinical services.

“It offers residents, trainees, and observational-based medical programs, physicians, and medical students to provide a comprehensive and natural medical experience,” he added.

… details later