The Afreximbank has offered Nigeria a $400,000 grant to improve local production of its active pharmaceutical ingredients.

Granted by the African Export-Import Bank, the fund was given to the National Institute for Pharmaceutical Research and Development (NIPRD).

Afreximbank explained that the grant will enable NIPRD to produce APIs locally in Nigeria.

It also disclosed that a contextual training programme will be developed for pharmaceutical industry stakeholders, to ensure that key skills are acquired.

The grant is expected to help the pharmaceutical research institute to establish an active pharmaceutical ingredient (API) plant.

According to a statement by Afreximbank, NIPRD’s API plant project is a critical step towards Nigeria’s pharmaceutical independence and self-sufficiency.

It said the grant will not only enhance the security of medicine supply in the continent but also promote the industrialisation of the pharmaceutical sector and create jobs.

The collaboration will allow Africans access to sustainable healthcare in Africa while stimulating socio-economic development.

The fund represents a significant portion of the amount needed to construct the API plant.

Before now, pharmaceutical manufacturing companies in Africa heavily rely on the importation of APIs and excipients used to formulate finished pharmaceutical products.