Abuja - Nigeria has taken a major step toward reducing dependence on imported medicines following a €50 million financing agreement to strengthen local healthcare manufacturing.

The deal, secured between the European Investment Bank (EIB Global) and the Bank of Industry, was announced on Monday on the sidelines of the Nigeria-EU Ministerial Summit in Abuja.

According to a statement, the funding will be provided as a credit facility to support Nigerian manufacturers involved in the production of pharmaceuticals, vaccines, and diagnostic equipment. The initiative is aimed at addressing unmet medical needs while boosting domestic production capacity.

The project is backed by the European Commission-supported Human Development Accelerator programme, implemented in partnership with the Gates Foundation, to strengthen healthcare systems and develop sustainable financing structures in the sector.

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The initiative is expected to improve access to long-term funding for small and medium-scale enterprises, enabling them to expand operations, meet global quality standards, and contribute to national health security.

It also aligns with Nigeria's broader objective of achieving self-sufficiency in healthcare and supports African Union targets to increase local production of vaccines and essential medicines.

In addition, the partnership is projected to create jobs, stimulate industrial growth, and enhance regional trade opportunities under the African Continental Free Trade Area (AfCFTA), particularly within the ECOWAS sub-region.