The Bank of Industry and EIB Global have signed a €50 million financing agreement to strengthen Nigeria’s healthcare sector by supporting local production of vaccines, pharmaceuticals, and diagnostic tools.
The agreement, announced during the Nigeria-EU Ministerial Summit in Abuja, is aimed at reducing reliance on imported medical supplies while improving national health security and industrial capacity.
Managing Director of the Bank of Industry, Olasupo Olusi, described the partnership as a major step toward positioning Nigeria as a competitive player in global healthcare value chains, while also creating jobs and advancing Africa’s vaccine production goals.
The funding, part of the European Union’s Global Gateway initiative, will provide long-term financing to local manufacturers, helping them scale operations and meet international standards.
EIB Vice President Ambroise Fayolle noted that the initiative would expand access to affordable, high-quality medical products and strengthen supply chains across the region.
Similarly, European Commissioner for International Partnerships Jozef Sikela said the investment would enhance local production capacity and reduce dependence on imports.
The programme, supported in partnership with the Gates Foundation, is expected to empower small and medium-sized enterprises and contribute to the African Union’s goal of producing 60% of vaccines locally by 2040.
Officials say the deal marks a significant step toward sustainable financing, industrial growth, and improved healthcare delivery in Nigeria.
