AfDB gives Nigeria, 14 others N1.4tr for pharma sector

The African Development Bank (AfDB) has approved a $3.56 million (N1.4 trillion) grant for the development of the pharmaceutical industry in Nigeria and other West African countries. During the signing ceremony of the Protocol of Agreement yesterday in Abuja, the Director-General, Nigeria Country Department of AfDB, Mr Lamin Barrow, said the bank’s active portfolio in […]

The African Development Bank (AfDB) has approved a $3.56 million (N1.4 trillion) grant for the development of the pharmaceutical industry in Nigeria and other West African countries.

During the signing ceremony of the Protocol of Agreement yesterday in Abuja, the Director-General, Nigeria Country Department of AfDB, Mr Lamin Barrow, said the bank’s active portfolio in West Africa comprised 350 projects valued at $15.5 billion, with Nigeria accounting for 32 per cent, which are focused on building infrastructure and supporting regional enterprise development.

He said with Africa reliant on imports of 70% of its pharmaceutical needs, the COVID-19 crisis has exposed the fragility of the national health systems in the continent, noting that this is driving the implementation of a new African Pharmaceutical order.

“In response to the call from the African Union, the President of AfDB, Adesina announced that the Bank would mobilize up to $3bn to support the development of Africa’s health infrastructure defence system, including the pharmaceutical industry.

“As part of this support, the Bank, on January 25, 2022, approved the $3.56m grant for this project whose objective is to develop a robust pharmaceutical sector that will ensure increased local manufacturing of essential drugs and medicines that are of high quality, safe and accessible to the population in the West Africa region. The ECOWAS Commission will contribute $600,000 to complement the Bank’s financing.”