EIB Global and the Bank of Industry have signed a EUR 50 million financial agreement to strengthen healthcare manufacturing in Nigeria and address unmet medical needs across the country. Announced on the sidelines of the Nigeria-EU Ministerial Summit in Abuja, the agreement will be implemented through a credit line aimed at supporting local manufacturers of essential healthcare products, including pharmaceuticals, vaccines, and diagnostic devices. The initiative reflects a joint effort to improve Nigeria’s healthcare sector while reducing dependence on imported medical supplies.
The financing is designed to support the development of local healthcare manufacturing by providing long-term capital to Nigerian businesses, particularly small and medium-sized enterprises. Through this credit line, local manufacturers will be able to scale up the production of quality-assured medicines, vaccines, and diagnostics, helping to fill important financing gaps that have limited growth in the sector. By expanding domestic production capacity, the project is expected to improve Nigeria’s self-sufficiency in healthcare products and strengthen the country’s resilience against supply chain disruptions.
This operation is being financed under the Human Development Accelerator programme, an initiative supported by the European Commission and implemented by EIB in partnership with the Gates Foundation. The programme is intended to establish a sustainable financing mechanism that offers patient capital to encourage private sector investment in healthcare manufacturing. This approach is expected to not only strengthen local production but also create a more durable financial structure that allows Nigerian enterprises to innovate, grow, and meet international quality standards.
Bank of Industry Managing Director and Chief Executive Officer Dr. Olasupo Olusi described the agreement as an important step in helping Nigeria move from being a major importer of essential health commodities to becoming a competitive producer within regional and global value chains. He noted that the investment will strengthen health security while also supporting industrial growth, skills development, and the creation of high-quality jobs. According to him, healthcare manufacturing is both a public health necessity and a strategic economic opportunity, and the partnership with EIB Global will help build a sustainable financing framework that empowers Nigerian businesses to expand and compete effectively.
EIB Vice-President Ambroise Fayolle said the partnership demonstrates the European Investment Bank’s commitment to improving public health and everyday life in Nigeria. He emphasized that financing the local production of essential medicinal and nutritional products will help improve access to affordable, safe, and high-quality treatments while also strengthening national health security and making healthcare supply chains more resilient. He also described the agreement as a practical example of the value of EIB’s work in Africa under the Global Gateway strategy.
European Commissioner for International Partnerships Jozef Síkela highlighted that the investment will help Nigerian companies gain better access to finance and expand their manufacturing capacity. He stated that the goal is to enable Nigeria to produce more of the healthcare products it needs domestically, thereby strengthening healthcare systems and regional value chains while reducing reliance on imports. This reflects a broader development approach focused on long-term resilience and local capacity building.
The project forms part of the Global Gateway Health Package and is aligned with the Team Europe Initiative for Manufacturing and Access to Vaccines. It also supports Nigeria’s national goal of improving self-sufficiency in healthcare and contributes to the African Union’s target of producing 60 percent of vaccines and essential medicines locally by 2040. In addition, the operation is expected to support regional industrialisation under the African Continental Free Trade Area by creating opportunities for exports within the ECOWAS market, strengthening regional value chains, improving trade balances across West Africa, and potentially deepening business linkages with European companies.
EIB Global has been active in Nigeria since 1978 and has invested around EUR 2.3 billion in the country over the years. Its support has covered a range of sectors including sustainable urban transport, climate adaptation, innovation and digitalisation, agribusiness logistics, and financing for small and medium-sized enterprises and mid-sized companies. This latest healthcare manufacturing agreement adds to that long-standing engagement by focusing on a sector that is critical for both public health and economic transformation.
EIB Global, the development arm of the European Investment Bank Group, plays a central role in advancing the European Union’s Global Gateway strategy. As the EU’s long-term lending institution, the European Investment Bank finances projects that support the bloc’s policy objectives, while EIB Global focuses specifically on international partnerships and development finance. Through its global work, it aims to mobilise significant investment by 2027 and strengthen partnerships with governments, financial institutions, and civil society to deliver sustainable development outcomes.
