Nigeria Gets $400,000 Grant From Afreximbank To Boost Pharmaceutical Production

The African Export-Import Bank (Afreximbank) on Monday awarded a $400,000 grant funding to the National Institute for Pharmaceutical Research and Development (NIPRD) of Nigeria.

Based on the Central Bank of Nigeria official exchange rate of N411.29 to a dollar, the $400,000 translates into the sum of N164.52m.

The grant, according to the bank is 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.

Pharmaceutical Manufacturing Companies in Africa rely heavily on the importation of APIs and excipients which are essential to formulate finished pharmaceutical products.

The Afreximbank grant will enable NIPRD to produce APIs locally in Nigeria.

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.

It is also mandated to engage in activities relating to capacity building, policy making, data collation, drug distribution and the development of contextual partnership that can expedite access to healthcare.

NIPRD’s API plant project, according to a statement from Afreximbank is a critical step towards Nigeria’s pharmaceutical independence and self-sufficiency.

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 said it’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 partnership between NIPRD and Afreximbank is expected to open a new perspective in the development of collaborative projects aimed at providing contextual solutions to issues that emerge on the continent.

The collaboration, according to the statement demonstrates a paradigm shift towards a new approach to improving sustainable access to healthcare in Africa, while stimulating socioeconomic development.

ENDS