The Alternative Bank is rolling out financing to support local pharmaceutical production, distribution, and supply chains as part of efforts to reduce Nigeria’s dependence on imported drugs.
Africa carries about 25% of the global disease burden but imports nearly 97% of its pharmaceuticals, a gap exposed during COVID-19. The bank said the import reliance leaves Nigeria’s medicine security weak.
Speaking to the Association of Industrial Pharmacists of Nigeria for the maiden edition of Pharma Industry Digest_, AltBank Group Executive Dr. Jekwu Ozoemene said local production is critical.
“Pharma and medicine security and sovereignty is essential to Nigeria’s survival. We are positioned to partner with all stakeholders to make this a reality,” he said.
As a non-interest bank, the bank said it uses asset-backed, risk-sharing financing that ties repayments to a business’s cash flow rather than fixed loan terms.
The bank has launched healthcare-focused products including stock, vendor, distributor, and supply chain financing, plus revolving drug funds.
Besides, it is working with state health boards to scale health insurance schemes, health management information systems, capital market access, and Banking-as-a-Service platforms to improve drug access and affordability.
Ozoemene said the approach goes beyond trade finance to build industrial capacity.
“We want to finance the industrial pharmacist establishing a WHO-compliant manufacturing plant and the researcher working on new formulations for malaria or hypertension drugs for the Nigerian demographic,” he said.
By substituting imports with local production, the bank said the initiative could reduce forex pressure and create jobs across research, quality control, logistics, and distribution.
AltBank, which became a standalone non-interest bank in July 2023, said its model aligns with ethical finance by directing capital to projects with direct social impact.
The bank has invited industrial pharmacists nationwide to partner on solutions.
