EIB Global and Bank of Industry (BOI) join forces to develop healthcare projects in Nigeria

EIB Global and Bank of Industry (BOI) join forces to develop healthcare projects in Nigeria

The EIB Global and Nigeria's Bank of Industry have concluded a EUR 50 million agreement to boost the development of healthcare manufacturing projects in Nigeria. The project is part of the Global Gateway strategy and responds to Nigeria's national priorities in health and development sectors.

• EIB Global and BOI concluded a EUR 50 million agreement to boost the development of healthcare manufacturing projects in Nigeria.

• The project is part of the Global Gateway strategy and responds to Nigeria's national priorities in health and development sectors.

Today, on the sidelines of the Nigeria-EU Ministerial Summit in Abuja, EIB Global, the development arm of the European Investment Bank (EIB), and the Bank of Industry (BOI) announced the signature of a EUR 50 million financial agreement to boost the local healthcare sector in Nigeria to address unmet medical needs. This will be delivered through a credit line to support local manufacturers of medicinal products and devices such as pharmaceuticals, vaccines, and diagnostics.

The announcement was made in Abuja in the presence of EIB Head of Unit, Mrs Svetla Stoeva, Managing Director/CEO BOI, Dr. Olasupo Olusi, His Excellency, the Honourable Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, the Ambassador of European Union in Nigeria and ECOWAS, Mr Gautier Mignot.

This operation is financed under the Human Development Accelerator (HDX) programme, an initiative backed by the European Commission and implemented by EIB in partnership with the Gates Foundation. It aims to concretely strengthen local manufacturing of healthcare products in Nigeria by putting in place a sustainable financing mechanism with access to patient capital that incentivises private sector investments. It enables Nigerian SMEs to produce quality-assured medicines, vaccines and diagnostic products, reducing reliance on imports through addressing financing gaps. It will increase Nigeria's self-sufficiency by building local capacity.

Dr. Olasupo Olusi, BOI Managing Director and CEO affirms: "This partnership marks a pivotal step in Nigeria's journey from being a major importer of essential health commodities to becoming a competitive producer within regional and global value chains. By mobilising long-term, patient capital into local pharmaceutical, vaccine and diagnostics manufacturing, we are not only strengthening health security but also catalysing industrial growth, skills development and high-quality job creation. At the Bank of Industry, we view healthcare manufacturing as both a public health imperative and a strategic economic opportunity. Through this collaboration with EIB Global under the Human Development Accelerator, we are building a sustainable financing architecture that empowers Nigerian enterprises to scale, innovate and meet international quality standards." He added:" This initiative demonstrates how development finance, when aligned with national priorities and strong international partnerships, can unlock transformative impact-improving lives today while laying the foundation for a more resilient and self-reliant healthcare system for future generations".

Ambroise Fayolle, EIB Vice President, said: "I am very pleased to announce this partnership with the Bank of Industry to improve public health and daily lives in Nigeria. By financing the development and local manufacture of essential medicinal and nutritional products, we enhance access to affordable, safe and high-quality treatments for diseases. We support national health security while improving resilience of supply chains. This is a concrete example of the added value of the EIB''s action in Africa as a key partner of Global Gateway."

Jozef Sikela, Commissioner for International Partnership of the European Commission stated "This investment strengthens local manufacturing of medical products in Nigeria, giving companies better access to finance and the capacity to scale up production. We are investing so that Nigeria can produce more of what it needs at home and build stronger healthcare systems and regional value chains instead of relying on imports."

The operation is part of the Global Gateway Health Package and aligned to the Team Europe Initiative for Manufacturing and Access to Vaccines (TEI MAV+). It aligns with national and continental priorities, including Nigeria's goal to improve self-sufficiency in healthcare and the African Union's target of producing 60% of vaccines and essential medicines locally by 2040. It supports regional industrialisation under the AfCTA, with potential export opportunities in ECOWAS market. This creates spillover benefits, such as strengthening regional value chains, improving trade balances across West Africa and supporting, when possible, stronger business linkages with European companies.

Overall, in Nigeria, EIB Global has invested EUR 2.3B since the start of its activities in the country in 1978, supporting impactful and transformative investments in crucial areas for the country such as sustainable urban transport, climate adaptation, innovation and digitalisation, agribusiness logistics and small and medium enterprises (SMEs) and Midcaps financing.

Background information

About EIB Global

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

EIB Global is the EIB Group's specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world. High-quality, up-to-date photos of our headquarters for media use are available here.

http://twitter.com/EIB

https://www.linkedin.com/company/european-investment-bank/

About BOI

The Bank of Industry (BOI) is Nigeria's leading development finance institution, established in 1959 and reconstituted in 2001 to drive industrial growth and inclusive economic development. The Bank provides long-term financing and advisory support to enterprises across key sectors, strengthening local production, value chains and job creation.

Between 2023 and 2025, BOI supported over 1 million enterprises and disbursed more than ₦1.27 trillion to businesses nationwide, helping to expand productive capacity and improve access to finance for underserved segments of the economy.

Through its nationwide footprint and strong international partnerships, BOI continues to play a central role in accelerating sustainable private-sector-led growth and economic diversification in Nigeria.

https://x.com/BOINigeria

https://www.linkedin.com/company/bank-of-industry-limited/

https://www.instagram.com/boinigeria/

About Global Gateway:

Global Gateway is the EU's positive offer to reduce the worldwide investment disparity and boost smart, clean, and secure connections in digital, energy and transport sectors, and to strengthen health, education, and research systems.

The Global Gateway strategy embodies a Team Europe approach that brings together the European Union, EU Member States, and European development finance institutions. Together, we aim to mobilise up to €300 billion in public and private investments from 2021 to 2027, creating essential links rather than dependencies, and closing the global investment gap.

For more information:https://international-partnerships.ec.europa.eu/

Press contacts

EIB

Anne-Cécile Auguin, tél. +352 621 36 1948, [email protected]

Website: whttps://www.eib.org/press- Press Office: +352 4379 21000 - [email protected]

BOI

Theodora Amechi +234 0201 271 5070 Ext 2887, [email protected]

Website: https://www.boi.ng - Press Office; [email protected]