African Export-Import Bank (Afreximbank) has approved US$400,000 in grant funding to the National Institute for Pharmaceutical Research and Development (NIPRD) of Nigeria for the establishment of an Active Pharmaceutical Ingredient (API) plant.
The grant represents a significant proportion of the estimated funds required to implement the project.
NIPRD’s API plant project is a critical step towards Nigeria’s pharmaceutical independence and self-sufficiency and the Afreximbank grant would enable NIPRD to produce APIs locally in Nigeria
Pharmaceutical Manufacturing Companies in Africa rely heavily on the importation of APIs and excipients which are essential to formulate finished pharmaceutical products.
In addition, the project includes the development of a contextual training programme for pharmaceutical industry stakeholders, to ensure that key skills are acquired by industry players who represent the vanguard of essential medicines production on the continent.
Afreximbank’s financial support to the NIPRD APIs plant project will not only catalyse the security of supply of medicines across Africa but also promote the industrialisation of the pharmaceutical sector and the consequent creation of jobs and income.
This landmark partnership between NIPRD and Afreximbank opens a new perspective in the development of collaborative projects aimed at providing contextual solutions to issues that emerge on the continent. This collaboration demonstrates a paradigm shift towards a new approach to improving sustainable access to healthcare in Africa, while stimulating socioeconomic development.
Afreximbank is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank has disbursed more than US$6.5 billion in 2020 to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic.
At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-).
The National Institute for Pharmaceutical Research and Development (NIPRD) was established with the primary objective of enhancing the development and commercialization of pharmaceutical raw materials, drugs and biological products from Nigeria’s indigenous natural resources.