The federal government has disclosed plans to mobilise over $2 billion in catalytic financing through partnerships with the African Export-Import Bank (Afreximbank) and the European Investment Bank (EIB) for indigenous drug manufacturers.
The government assured that local drug manufacturers will be able to access the funds to boost domestic pharmaceutical production.
The National Coordinator of the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), Abdu Mukhtar, stated this during the Scientific Products Association of Nigeria (SPAN) Innovate 2025 conference.
“We are creating a pipeline of projects and mobilising resources. We have worked with Afreximbank and other development finance institutions (DFIs) to establish a pool of funds financing instruments that entrepreneurs and manufacturers like you can tap into.
“With Afreximbank, we have a $1 billion facility, and with the European Investment Bank, a €1 billion facility. This is not money sitting in my pocket, but it is available for those with viable projects. The kind of capital you need to scale and expand your operations cannot come from commercial banks charging 30 percent interest,” he said.
