FG mobilises $2billion for indigenous drug manufacturers

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 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), Dr. 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.

Mukhtar added that the initiative is focused on building an enabling ecosystem that supports quality players in Nigeria’s healthcare value chain, particularly by breaking down financial barriers.

“In developing this ecosystem across the value chain, we recognise that key challenges to manufacturing include policy and regulatory constraints, infrastructure deficits, limited access to finance and markets, inadequate human capital development, and weak research and development capacity,” he said.

The President of SPAN, Dr. Kate Isa, said that this year’s conference sought to demonstrate that Nigeria’s scientific community is not only vibrant but visionary, capable of developing homegrown solutions tailored to the nation’s unique needs.

“Our theme this year is both timely and significant. It reminds us that scientific advancement must go hand in hand with sustainable industrial development. It challenges us to move boldly  from consumption to creation, from dependence to innovation, and from aspiration to tangible action,” she said.

Isa also emphasised the need for manufacturers to leverage technological advancements for greater efficiency, citing evidence that the genetic makeup of Black Africans is underrepresented in global gene pools used for developing precise and personalised medicines.

“We have no option but to wake up from our long slumber and begin to develop solutions for our people. Nigerians are hardworking, resilient, and intelligent. With modern scientific tools and artificial intelligence on our side, we can catch up, if we set our minds to it,” she said.