The Bank of Industry and EIB Global, the development arm of the European Investment Bank, have signed a landmark €50m financial agreement aimed at strengthening Nigeria’s healthcare sector by boosting local manufacturing of vaccines, pharmaceuticals, and diagnostic tools.
Announced on the sidelines of the Nigeria-EU Ministerial Summit in Abuja on Monday, the deal provides critical patient capital designed to reduce the country’s dependence on medical imports and enhance national health security.
The Managing Director and Chief Executive Officer of the Bank of Industry, Olasupo Olusi, described the partnership as a significant step toward integrating Nigeria into global value chains, creating high-quality jobs, and supporting the African Union’s target of producing 60 per cent of the continent’s vaccines locally by 2040.
“This partnership marks a pivotal step in Nigeria’s journey from being a major importer of essential health commodities to becoming a competitive producer within regional and global value chains,” he said.
The strategic investment, part of the European Union’s Global Gateway strategy, is designed to address unmet medical needs through a dedicated credit line for local manufacturers of pharmaceuticals, vaccines, and diagnostic tools.
Olusi noted that the initiative aligns with President Bola Tinubu’s agenda on national resilience, adding that mobilising long-term patient capital will strengthen health security while catalysing industrial growth and job creation.
International partners also highlighted the significance of the agreement, describing it as a major step toward improving Africa’s self-reliance in healthcare manufacturing.
EIB Vice President Ambroise Fayolle said the partnership would enhance access to affordable and high-quality medical products.
“I am pleased to announce this partnership with the Bank of Industry to improve public health and daily lives in Nigeria. By financing the development and local manufacture of essential medicinal and nutritional products, we are improving access to safe, affordable, and high-quality treatments,” Fayolle stated.
He added that the initiative would strengthen supply chain resilience and demonstrate the EIB’s commitment to Africa under the Global Gateway programme.
Similarly, the European Commissioner for International Partnerships, Jozef Sikela, said the investment would support local production capacity and reduce reliance on imports.
“This investment strengthens local manufacturing of medical products in Nigeria, enabling companies to access finance and scale production. We are supporting Nigeria to produce more of what it needs domestically while building stronger healthcare systems and regional value chains,” Sikela said.
The facility, financed under the Human Development Accelerator programme in partnership with the Gates Foundation, comes at a crucial time as Nigeria seeks to reduce dependence on imported medical supplies.
Olusi also noted that the Bank of Industry continues to support other key sectors, including agriculture, where it is strengthening value chains in cocoa and dairy production to improve farmers’ livelihoods.
He stressed that the immediate objective of the €50m facility is to empower Nigerian small and medium-sized enterprises to meet international quality standards while contributing to the African Union’s goal of producing 60 per cent of vaccines locally by 2040.
Officials present at the briefing, including the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, and the European Union Ambassador to Nigeria, Gautier Mignot, described the agreement as a major step toward sustainable financing and industrial development.
Olusi reaffirmed the broader vision behind the partnership.
“Our goal is clear: to build globally competitive industries, create jobs at scale, and improve the quality of life for Nigerians,” he said.
