Yemi Obafemi
European Investment Bank’s development arm, EIB Global, and the Bank of Industry (BOI) have signed a €50 million financing agreement to support the development of healthcare manufacturing projects in Nigeria, targeting local production of medicines, vaccines and diagnostic tools.
The agreement was announced on the sidelines of the Nigeria–EU Ministerial Summit in Abuja on Monday, in the presence of key officials, including Nigeria’s Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, as well as representatives of the European Union and both institutions.
The funding will be provided through a credit line aimed at supporting Nigerian manufacturers in the healthcare sector and addressing gaps in access to essential medical products.
According to the partners, the initiative is part of the European Union’s Global Gateway strategy and aligns with Nigeria’s priorities to strengthen its health system and reduce dependence on imported medical supplies.
BOI Managing Director and Chief Executive Officer, Olasupo Olusi, said the partnership is expected to help reposition Nigeria as a producer of essential health commodities.
He noted that the financing would support local pharmaceutical, vaccine and diagnostics manufacturing while contributing to job creation and skills development.
“This partnership marks a 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,” Olusi said.
He added that the initiative would help build a financing structure that enables local companies to expand and meet international standards.
EIB Vice President Ambroise Fayolle said the agreement is intended to improve access to affordable and quality healthcare products in Nigeria while strengthening supply chains.
“By financing the development and local manufacture of essential medicinal products, we enhance access to treatments and support national health security,” Fayolle said.
Also speaking, European Commissioner for International Partnerships Jozef Síkela said the investment would enable Nigerian companies to scale up production and reduce reliance on imports.
“This investment strengthens local manufacturing of medical products in Nigeria, giving companies better access to finance and the capacity to scale up production,” he said.
The project is being financed under the Human Development Accelerator programme, supported by the European Commission and implemented by EIB in partnership with the Gates Foundation. It is designed to provide long-term financing to small and medium-sized enterprises involved in producing medicines and healthcare equipment.
Officials said the initiative also aligns with broader continental targets, including the African Union’s goal of producing 60 per cent of vaccines and essential medicines locally by 2040.
It is expected to support regional trade under the African Continental Free Trade Area and create export opportunities within West Africa.
