EIB Global and the Bank of Industry (BOI) have signed a €50 million agreement to support the development of healthcare manufacturing projects in Nigeria. Announced during the Nigeria-EU Ministerial Summit in Abuja, the financing will provide a credit line for local manufacturers of pharmaceuticals, vaccines, diagnostics, and other medicinal products to address unmet medical needs and strengthen domestic production capacity. The project is part of the Global Gateway strategy and aligns with Nigeria’s national priorities in health, industrial development, and economic growth.
The operation is financed under the Human Development Accelerator (HDX) programme, supported by the European Commission and implemented by EIB in partnership with the Gates Foundation. It aims to create a sustainable financing mechanism that incentivizes private sector investment in quality-assured local healthcare manufacturing. By bridging financing gaps, the initiative seeks to reduce Nigeria’s reliance on imports, enhance self-sufficiency, and build local capacity in producing essential medicines and medical devices.
Dr. Olasupo Olusi, BOI Managing Director and CEO, emphasized that the partnership marks a pivotal step in transforming Nigeria from a major importer of health commodities to a competitive producer within regional and global value chains. He highlighted that mobilizing long-term financing will strengthen health security, stimulate industrial growth, develop skills, and create high-quality jobs, while ensuring Nigerian enterprises meet international quality standards.
EIB Vice President Ambroise Fayolle noted that the project enhances public health and access to safe, affordable, and high-quality treatments, while improving the resilience of healthcare supply chains. European Commission Commissioner Jozef Sikela added that the investment will expand local manufacturing capacity, create jobs, and strengthen regional value chains, reducing dependence on imports.
The initiative is part of the Global Gateway Health Package and aligns with the Team Europe Initiative for Manufacturing and Access to Vaccines (TEI MAV+), supporting Nigeria’s goal of healthcare self-sufficiency and the African Union’s target of producing 60% of vaccines and essential medicines locally by 2040. The project also supports regional industrialization under AfCFTA, creating opportunities for export within the ECOWAS market and fostering stronger business linkages with European companies.
EIB Global has invested over €2.3 billion in Nigeria since 1978, supporting transformative projects in sectors such as sustainable urban transport, climate adaptation, digitalization, agribusiness logistics, and SME financing. The Bank of Industry, Nigeria’s leading development finance institution, continues to drive industrial growth and economic development, providing long-term financing and advisory support to enterprises across key sectors while strengthening local production and job creation.
The partnership reflects the Global Gateway strategy’s Team Europe approach, mobilizing public and private investments to strengthen healthcare systems, education, research, and other critical sectors while reducing global investment disparities.
