Home Health & Living Afreximbank collaborates with FG on brain drain, healthcare

Afreximbank collaborates with FG on brain drain, healthcare

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The African Export–Import Bank has signed a $1 billion partnership agreement with the Federal Government to support the development of Nigeria’s healthcare sector under the Presidential Initiative for Unlocking Healthcare Value Chains.

Also, the Africa Finance Corporation is to invest $40 million towards the construction of the African Medical Centre of Excellence Abuja hospital.

Speaking at the 2024 AMCE African Health Forum in Abuja, during which the two Memorandum of Understanding was signed, the President and Chairman of the Board of Directors of Afreximbank, Prof Benedict Oramah, said the partnership with the Federal Government will support the establishment of world-class medical and health facilities and increase domestic manufacturing of essential pharmaceuticals, diagnostics, vaccines, biologics, and medical consumables.

The visionary 500-bed medical health facility is currently being developed by Afreximbank in partnership with King’s College Hospital, London.

Prof Oramah said that this will also reduce medical tourism by elevating the quality and accessibility of healthcare services within Nigeria, promoting employment, fostering a culture of locally driven research, and development, and attracting investments into Nigeria’s healthcare value chain.

According to him, the AMCE Abuja is well advanced, with construction having achieved over 50 per cent completion and would commence operations in early 2025.

He noted that the AMCE facility will serve as a leading centre for research and development in medicine and clinical services, and offer residency, training, and observership placement programmes to physicians and medical students from Nigeria and other parts of Africa.

He explained that when operational, the facility will tackle the rising burden of non-communicable diseases, capital flight, and brain drain of qualified medical personnel, yielding the following benefits to Africa and creating approximately 3,000 jobs during its construction and operational phases.

He added that the facility will provide prompt, lifesaving detection and management of serious diseases delivered to over 200,000 patients in Nigeria and a further 150,000 patients from other African countries within its first five years of operation; and promote intra-regional trade in medical services and strengthen supply chains in the medical and pharmaceutical sectors.

Reflecting on the success of the African Health Forum 2024, Brian Deaver, Chief Executive Officer of AMCE Abuja, expressed optimism about the future of healthcare in Africa.

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