By Gloria Ikibah
Nigeria’s heavy reliance on imported medicines has come under renewed focus, with fresh efforts aimed at strengthening domestic pharmaceutical capacity and reducing exposure to external shocks.
Across Africa, the imbalance is stark, with the continent carrying a significant share of the global disease burden while depending on imports for the vast majority of its pharmaceutical needs. This vulnerability became particularly evident during the COVID-19 pandemic, highlighting the risks associated with limited local production. 
In response, The Alternative Bank is positioning itself as a key financier in efforts to boost Nigeria’s medicine security. The bank is deploying structured, asset-backed financing models designed to support local manufacturing, distribution networks and supply chains within the pharmaceutical sector.
As part of this initiative, the institution has reached out to industry professionals, including members of the Association of Industrial Pharmacists of Nigeria, seeking collaboration to develop sustainable solutions.
A senior executive at the bank, Dr Jekwu Ozoemene, highlighted the urgency of scaling up domestic production during a recent engagement tied to the group’s pharmaceutical industry publication, stressing that building local capacity would be critical to improving resilience and ensuring consistent access to essential medicines.
“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”, Dr. Ozoemene stated.
As a fully licensed non-interest bank, AltBank deploys a unique model of patient capital. By utilising asset-backed, risk-sharing financing structures, the Bank aligns repayment schedules with a business’ actual cash flow rather than imposing rigid loan stipulations. This thoughtfully structured financing is designed to grow sustainably alongside the businesses it funds.
To support this vision, the Bank has rolled out targeted healthcare-focused products nationwide. These solutions include stock, vendor, and distributor financing, alongside supply chain financing and revolving drug funds. The Bank is also facilitating broader systemic improvements through health insurance schemes, health management information systems, capital market access, and Banking-as-a-Service platforms. These solutions are currently being scaled through strategic partnerships with State Health Boards to ensure quality drugs reach Nigerians at lower costs.
Beyond immediate healthcare outcomes, this localised approach addresses broader macroeconomic challenges facing the nation. By substituting pharmaceutical imports with domestic production, the initiative aims to significantly reduce the sector’s reliance on foreign exchange, thereby easing pressure on the local currency.
Furthermore, catalysing industrial-scale pharmaceutical manufacturing will stimulate job creation across the entire value chain, from laboratory research and quality control to logistics and retail distribution, fostering robust economic resilience.
Dr. Ozoemene signaled the Bank’s intent to look far beyond standard trade financing to build true industrial capacity.
“We don’t only want to finance the company that imports the most products.
“We also want to finance the industrial pharmacist establishing a WHO-compliant manufacturing plant to produce essential medicines locally. We want to back the researcher working on new formulations for malaria treatments or hypertension drugs designed specifically for the Nigerian demographic,” he explained.
This approach to healthcare inherently aligns with the core principles of non-interest banking, which prioritises investments that generate positive social impact alongside sustainable financial returns. By channeling capital into projects that directly preserve human life and enhance public well-being, the Bank is reinforcing its mandate to operate as an ethical financial catalyst, ensuring that funding is purposefully directed toward tangible, life-saving infrastructure rather than speculative ventures.
