BOI, EIB DEEPEN SUPPORT FOR PHARMACEUTICAL MANUFACTURERS

The Bank of Industry (Bank of Industry) and the European Investment Bank (European Investment Bank) have strengthened their collaboration to support pharmaceutical manufacturers and boost healthcare production capacity.

The partnership is aimed at improving access to financing for drug manufacturers, expanding local production, and reducing dependence on imported medicines.

According to stakeholders, the initiative will provide long-term funding and technical support to pharmaceutical firms seeking to scale operations and improve product quality.

Officials noted that strengthening local drug manufacturing is critical to improving healthcare resilience, especially in addressing supply chain disruptions experienced in recent years.

The collaboration is also expected to encourage investment in research, innovation, and compliance with international pharmaceutical standards.

Industry players have welcomed the development, describing it as a step toward improving affordability and availability of essential medicines in Nigeria and other African markets.

Analysts say the initiative could help reduce pressure on foreign exchange demand linked to pharmaceutical imports while supporting job creation in the healthcare sector.

Both institutions reaffirmed their commitment to strengthening healthcare systems through strategic financing and sustainable industrial growth.