Cairo/Abuja, 8 November 2021 – African Export-Import Bank (Afreximbank) has awarded 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.
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’s API plant project 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’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.
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African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. The Bank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, 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. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has completed the development of a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. 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 Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com.
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. NIPRD 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.
In achieving these objectives, a significant number of relevant international accreditations and certifications have been attained by the Institute, including ISO 9001:2008 certified by the Standard Organization of Nigeria and ISO 17025:2015 in the field of technical competence in testing. Consequently, the Institute’s work has been globally recognized as evidenced by awards such as its recent designation as Centre of Excellence (CoE) in the African Sub-region towards improving the health and wellbeing of Nigerians and mankind by the African Network for Drugs and Diagnostics Innovation (ANDi).
Afreximbank: Amadou Labba Sall, firstname.lastname@example.org
NIPRD: Ekewuba Ekwutos, email@example.com