Nigeria‘s healthcare system and other African countries have received a major boost with the plan by the Africa Finance Corporation (AFC) to commit $40million Equity Investment in the African Medical Centre of Excellence (AMCE) Abuja-Hospital.
At the signing of the Memorandum of Understanding in Abuja between the Afreximbank and the Federal Ministry of Health and Social Welfare, The Nation learnt that this project is to support the development of Nigeria’s healthcare sector under the Presidential Initiative for Unlocking Healthcare Value Chains (PVAC).
Through a $1 billion Healthcare Value Chain Programme, the partnership will seek to support the establishment of world-class medical and health facilities and increase domestic manufacturing of essential pharmaceuticals, diagnostics, vaccines, biologics and medical consumables.
Besides, it will also reduce outbound medical tourism by elevating the quality and accessibility of healthcare services within Nigeria, promoting employment, fostering a culture of locally driven research & development, and attracting investments into Nigeria’s healthcare value chain.
The visionary 500-bed medical health facility is currently being developed by Africa Export-Import Bank (Afreximbank), the leading trade finance bank for Africa, in partnership with King’s College Hospital, London (KCH).
A first-of-its-kind medical treatment and research centre, AMCE Abuja will be executed in four phases over six years.
The project will strategically harness KCH’s unparalleled diagnostic, clinical, and capacity-building expertise and specialise in three core noncommunicable diseases – oncology, cardiology, and haematology – with a commitment to world-class research, education, and development capabilities to establish itself as a leader in clinical services.
The AMCE initiative heralds a revolution in healthcare in West Africa. It aims to turn the tide of medical tourism away from the continent by building the first in a series of world-class medical centres of excellence in Africa, thus providing widespread access to critical health care in the region.
As a new shareholder, AFC will play a pivotal role in the first phase that involves building an initial 170-bed specialist hospital, set to expand to 500 beds by the third phase. With construction over halfway complete, the facility is on track to commence operations in the first quarter of 2025.
The AMCE aims to create approximately 3,000 jobs during construction and operational phases, employing over 200 people, and offering training opportunities for doctors and nurses.
The facility is projected to provide state of the art care to over 350,000 patients in Nigeria and other African countries within its first five years of operation. Additionally, it aims to attract talent back to the ecosystem on the continent, providing better access to much needed healthcare.
AFC President & CEO, Samaila Zubairu, said: “Africa’s healthcare sector suffers a severe and alarming infrastructure gap and a shortage of qualified medical practitioners. We are therefore pleased to partner alongside Afreximbank and King’s College Hospital, London, on this epoch-making project that will transform healthcare in Africa and contribute to a reversal in medical tourism.
“Building a world-class facility that captures medical spend in Africa, promotes specialist skills development, retains and, most importantly, attracts healthcare practitioners in our local communities, aligns well with AFC’s import substitution strategy and we look forward to working with all partners to establish the AMCE as a beacon of medical excellence on the continent.”
President and Chairman of the Board of Directors of Afreximbank, Benedict Oramah, said: “We are delighted that AFC have joined us as strategic partners on this important initiative aimed at addressing Africa’s healthcare infrastructure challenges. This collaboration exemplifies the power of cooperation among African Development Finance Institutions in driving impactful projects that benefit our communities and promote sustainable growth.
“By investing in AMCE Abuja, we are not only supporting the establishment of world-class healthcare infrastructure but also creating opportunities for job creation, skills development, and knowledge transfer. We invite more partners to join us in this crucial endeavour to revolutionise healthcare in Africa and make a lasting impact on the well-being of our communities.”
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, stating: “As we conclude the AMCE African Health Forum today, I am deeply encouraged by the collaborative spirit and shared commitment to advancing healthcare excellence across our continent. Our discussions today have underscored the urgent need for collective action to address the pressing challenges posed by non-communicable diseases (NCDs) in Nigeria and neighbouring regions. The AMCE stands ready to play a pivotal role in this endeavour, leveraging our expertise, resources, and strategic partnerships to implement innovative solutions and improve health outcomes for all. Together, we can forge a path toward a healthier, more prosperous future for Africa and its people.”
