Nigeria: Federal Government, Afreximbank signs $1bn healthcare investment deal

The federal government has signed a memorandum of understanding (MoU) with Afreximbank for a $1 billion healthcare investment facility in Nigeria.

Ali Pate, the Minister of Health and Social Welfare, announced the signing of the MoU during a visit by Benedict Oramah, President of Afreximbank, and a delegation from King’s College Hospital (KCH) London to President Bola Tinubu at the State House.

During the meeting, the president praised Afreximbank and KCH London for establishing the Africa Medical Centre of Excellence (AMCE) in Abuja.

The AMCE is set to be commissioned in the first quarter of 2025.

Tinubu assured the delegation that Nigeria is dedicated to fulfilling the health needs of its citizens. He emphasized that Africa cannot afford to lag behind in providing quality and accessible healthcare systems.

“We welcome this significant step towards investing in Nigeria’s healthcare sector,” Tinubu was quoted in a statement by Ajuri Ngelale, presidential spokesperson.

“This facility is a great commitment to humanity. We are open and ready to assist this project in every way possible.

“Africa is in need, and Nigeria is committed to the needs of its people. Putting people’s welfare first is putting healthcare first.

On his part, Pate said Afreximbank and KCH London are collaborating on building a medical and nursing school alongside AMCE Abuja.

“Your Excellency, you will recall that in October 2023, you approved an initiative to unlock Nigeria’s healthcare value chain and appointed a coordinator,” the health minister said.