On February 21, 2024, Nigeria solidified a significant partnership with the African Export-Import Bank (Afreximbank) by signing a $1 billion agreement. The goal of this strategic partnership is to enhance the health care value chain by accessing essential resources such as investments, skilled personnel, and research opportunities. The goal of the collaboration is to enhance the development of top-notch medical and health centres while also boosting the production of key pharmaceuticals, diagnostic tools, vaccines, biologics, and medical supplies within the country.
Muhammad Ali Pate, the Coordinating Minister of Health and Social Welfare, signed the Memorandum of Understanding (MoU) in Abuja on behalf of the federal government. The President of Afreximbank, Benedict Okey Oramah, also signed the MOU during the ceremony at the same event. During the African Health Forum 2024, the agreement was finalized for the Construction of a state-of-the-art medical centre in Abuja. The facility, to be operated in collaboration with Kings College Hospital, London, will provide advanced medical services in areas such as oncology, cardiology, haematology, and general care. Scheduled to have 500 beds, the African Medical Centre of Excellence (AMCE Abuja) is expected to set new standards in healthcare within the region.
Strengthening the production of vital pharmaceuticals.
In addition to offering a comprehensive range of medical services, such as diagnostics, treatment, nuclear medicine, surgery, and post-operative care, African Medical Centre of Excellence (AMCE) Abuja is committed to providing quality healthcare. Pate elaborated that the Memorandum of Understanding is aimed at collaborating on projects within the Healthcare Industry to enhance the overall health ecosystem through a substantial $1 billion healthcare value chain program. He mentioned that there is already considerable interest from multiple parties looking to get involved.
His statement outlined a comprehensive approach that includes providing financial assistance and Investment opportunities, developing infrastructure, enhancing human capital, conducting research and implementing innovative technologies. Additionally, the plan involves improving policies and regulations, increasing market access and investment opportunities, promoting Environmental Sustainability initiatives, and more. He expressed intentions to promote the growth of local Manufacturing through the program. The aim is to strengthen the production of vital pharmaceuticals, diagnostics, vaccines, biologics, medical consumables, and devices within the country.
It will become a premier hub for advancing research.
This will help lessen the reliance of the nation on imports and improve its health security. Oramah, leading the Afreximbank, describes this signing as a significant milestone and proof of the potential that can be achieved when resources are united for a common goal. It is under his leadership that the AMCE project was originated and is currently being carried out. He believes that the AMCE facility will become a premier hub for advancing research and Innovation in the fields of Medicine and clinical care.
He mentioned that the opportunity extends to residents, trainees, medical programs based on observation, physicians, and students of medicine to offer a thorough and authentic medical learning experience. Established in 1993 under the umbrella of the African Development Bank, the African Export–Import Bank, known colloquially as Afreximbank or Banque Africaine d’import-export, is a multinational financial institution serving the African continent. Its inaugural general meeting was held in Abuja, Nigeria, where it was officially launched. With its headquarters in Cairo, Egypt, Afreximbank aims to provide financial services and support to promote Economic Growth and development across Africa.
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Afreximbank offers financial services to both African governments and private enterprises in order to facilitate Trade between Africa and the Caribbean. They aim to drive growth, variety, and progress in African trade as a leading financial institution committed to both profitability and social responsibility. The goal is to be a hub of excellence for all trade-related matters in Africa. The main goal of Afreximbank is to support and enhance trade within Africa and beyond by offering three key services: Credit (including Trade and Project finance), Risk management (such as Guarantees and Credit Insurance), and Trade Consultation and Information.