BOI and EIB Global Sign €50M Healthcare Deal

The Bank of Industry (BOI) and EIB Global, the development arm of the European Investment Bank, have entered into a €50 million financial agreement aimed at strengthening Nigeria's healthcare sector and boosting local manufacturing of vaccines, pharmaceuticals, and diagnostic tools. This landmark deal was announced on the sidelines of the Nigeria-EU ministerial summit in Abuja on Monday.

Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, described the partnership as a significant step towards integrating Nigeria into the global value chain and creating high-quality jobs. The initiative aligns with President Bola Tinubu's agenda to enhance national resilience and mobilize long-term patient capital, thereby strengthening health security and catalyzing industrial growth.

EIB Vice President Ambroise Fayol emphasized the importance of the partnership in improving access to affordable, high-quality medical products. The agreement also supports the African Union's goal of producing 60% of the continent's vaccines locally by 2040.