FG, Afreximbank sign $1bn deal to finance healthcare investment in Nigeria

The federal government has signed a memorandum of understanding (MoU) with the African Export-Import Bank (Afreximbank) for a $1 billion facility to finance healthcare investment in Nigeria.

Ali Pate, minister of health and social welfare, who announced the signing of the MoU, spoke on Wednesday when Benedict Oramah, president of Afreximbank, accompanied by a delegation from King’s College Hospital (KCH) London, visited President Bola Tinubu at the State House.

During the meeting, the president commended the Afreximbank and KCH London on the establishment of the Africa Medical Centre of Excellence (AMCE) in Abuja.

The AMCE is scheduled for commissioning in the first quarter of 2025.

Tinubu told the delegation that Nigeria is committed to meeting the health needs of its citizens.

The president added that Africa cannot afford to remain behind in quality and accessible healthcare systems.

”We welcome this significant step towards investing in Nigeria’s healthcare sector,” Tinubu was quoted in a statement by Ajuri Ngelale, presidential spokesperson.

“This facility is a great commitment to humanity. We are open and ready to assist this project in every way possible.

”Africa is in need, and Nigeria is committed to the needs of its people. Putting people’s welfare first is putting healthcare first.

”Out of every five black persons, one is a Nigerian. We are racing against time to meet our obligations to our people.

“This project will further strengthen our long-term vision for the healthcare of our people.

“We are determined to succeed, and whatever you need in order for us to achieve this project, I want to assure you, we will do it.”

On his part, Pate said Afreximbank and KCH London are collaborating on building a medical and nursing school alongside AMCE Abuja.

”Your Excellency, you will recall that in October 2023, you approved an initiative to unlock Nigeria’s healthcare value chain and appointed a coordinator,” the health minister said.

“We have worked in the last few months to identify various work streams.

”I am pleased to inform Your Excellency, that today, we signed an MOU with the President of Afreximbank for a $1 billion facility to finance a credit and equity contribution pool for private sector investors interested in investing in Nigeria’s health sector value chain.”