Nigeria moves to cut drug imports with €50m healthcare boost

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By Favour Ulebor, Abuja

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Abuja – Nigeria has taken a major step toward reducing dependence on imported medicines following a €50 million financing agreement to strengthen local healthcare manufacturing.

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The deal, secured between the European Investment Bank (EIB Global) and the Bank of Industry, was announced on Monday on the sidelines of the Nigeria–EU Ministerial Summit in Abuja.

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According to a statement, the funding will be provided as a credit facility to support Nigerian manufacturers involved in the production of pharmaceuticals, vaccines, and diagnostic equipment. The initiative is aimed at addressing unmet medical needs while boosting domestic production capacity.

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The project is backed by the European Commission-supported Human Development Accelerator programme, implemented in partnership with the Gates Foundation, to strengthen healthcare systems and develop sustainable financing structures in the sector.

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The initiative is expected to improve access to long-term funding for small and medium-scale enterprises, enabling them to expand operations, meet global quality standards, and contribute to national health security.

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It also aligns with Nigeria’s broader objective of achieving self-sufficiency in healthcare and supports African Union targets to increase local production of vaccines and essential medicines.

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In addition, the partnership is projected to create jobs, stimulate industrial growth, and enhance regional trade opportunities under the African Continental Free Trade Area (AfCFTA), particularly within the ECOWAS sub-region.

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