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Alternative Bank Targets Medicine Supply Gaps With Funding Drive For Local Drug Production
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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.
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NUT Condemns Attacks On Schools, Warns Of Possible Strike
The Nigeria Union of Teachers has condemned the recent attacks on schools, teachers and students in parts of the country, describing the incidents as barbaric and inhuman.
In a statement jointly signed by the National President of the union, Audu Amba, and the Secretary General, Clinton Ikpitibo, the union said schools, which should serve as safe spaces for teaching and learning, have become targets of attacks by armed bandits and terrorists.
The union said the development has created fear, panic and emotional trauma among teachers, students, parents and members of affected communities.
The statement followed attacks on Local Authority Primary School, Ahoro-Esinele, Community High School, Ahoro-Esinele, and Baptist Nursery and Primary School, Yawota, all in Oriire Local Government Area of Oyo State on May 15, 2026.
According to the union, the attacks led to the abduction of a school principal, seven teachers and more than 30 pupils and students, while one teacher was shot dead during the incident.
The NUT said it was particularly painful that the slain teacher was wearing his union attire at the time he was killed, describing him as committed to the teaching profession and the advancement of education.
The union also expressed concern over reports that one of the abducted teachers was later beheaded by the attackers.
It further noted that on the same day, more than 40 pupils and students were reportedly abducted by armed bandits from Mussa Primary and Junior Secondary Schools in Askira-Uba Local Government Area of Borno State.
The NUT said it stands in solidarity with the affected schools, the families of the murdered teachers, the abducted principal, teachers, pupils and students.
The union called on security agencies to intensify rescue operations to secure the safe release of all abducted victims without delay.
It also urged the Federal Government and affected state governments to strengthen security around schools and adopt proactive measures to prevent future attacks.
According to the union, the continued attacks on schools pose a major threat to the education sector and the future of children and the country at large.
“Teachers cannot effectively discharge their duties in an atmosphere of fear and insecurity, where they are subjected to inhuman acts of kidnapping, maiming and killing,” the statement said.
The NUT warned that teachers may be forced to withdraw their services if attacks on schools continue unabated.
The union called on governments at all levels to take urgent action to stop attacks on schools and ensure the safety of teachers, learners and host communities.
News
FG begins payment of arrears of BEA scholars abroad
The Federal Government has commenced the payment of approved outstanding 2025 allowances to beneficiaries of the Bilateral Education Agreement (BEA) scholarship abroad.
The government announced this in a statement signed by Boriowo Folasade, Director, Press and Public Relations, Federal Ministry of Education.
“The Federal Ministry of Education wishes to inform the general public, particularly Nigerian scholars under the BEA Scholarship Programme, that the Central Bank of Nigeria (CBN) has successfully remitted the approved funds to Nigerian Embassies and Missions for immediate disbursement to eligible beneficiaries,” the statement said.
The Minister of Education, Dr. Maruf Tunji Alausa, disclosed that the released funds represented 50 per cent of the approved outstanding obligations for 2025, while efforts are ongoing to facilitate the release of the balance in due course.
According to the Minister, the funds have already reached the respective embassy accounts, and the affected embassies are expected to commence immediate payment to eligible scholars.
The government advised beneficiaries to monitor their accounts as payments are expected to begin reflecting accordingly.
Alausa noted that the development reflected the unwavering commitment of President Bola Tinubu to the welfare, academic progress and wellbeing of Nigerian students abroad, in line with the Renewed Hope Agenda of the present administration.
The minister appreciated the patience, understanding and resilience demonstrated by the affected scholars, stressing that the federal government remained resolute in ensuring that no Nigerian student pursuing academic excellence under government scholarship schemes was left unsupported.
He reiterated the commitment of the government to fulfilling all legitimate obligations to Nigerian scholars and sustaining policies and interventions that promote access to quality education, student welfare and national development through strategic human capital advancement.
The minister reassured all stakeholders of the continued dedication of the government to supporting Nigerian students globally and ensuring the effective implementation of all government scholarship programmes.
News
Tinubu orders MDAs to end manual processes
President Bola Ahmed Tinubu has directed all Ministries, Departments and Agencies (MDAs) to fully embrace digitisation, declaring that the era of manual inefficiency in Nigeria’s public service must come to an end.
Tinubu gave the directive on Wednesday at the opening of the International Civil Service Conference 2026 in Abuja, where he said the Federal Government was repositioning the Civil Service to deliver faster, transparent and citizen-focused services.
Represented by the Secretary to the Government of the Federation, George Akume, the President said the public service under his Renewed Hope Agenda was shifting from policy formulation to measurable results.
He disclosed that 38 Ministries and Extra-Ministerial Departments had already transitioned to fully paperless and secure electronic workflow systems, describing the development as a major milestone in governance reform.
“When we spoke of digitalisation in 2025, some may have considered it an ambition for the distant future. Today, with 38 Ministries and Extra-Ministerial Departments operating on a secure, paperless and end-to-end electronic workflow system, we are sending a clear message: Nigeria is building a public service that enables progress,” he said.
Tinubu stressed that bureaucracy must no longer serve as a bottleneck to development but as a driver of efficiency, innovation and inclusive growth.
He also revealed that the ongoing Personnel Audit and Skills Gap Analysis initiated after the previous conference was nearing completion, noting that the exercise would help identify competency gaps and reposition civil servants for modern governance demands.
“We are identifying gaps, strengthening competencies and ensuring that the right people are placed in the right roles, equipped with the digital skills and professional discipline required for 21st-century governance,” he stated.
The President linked the reforms to the Federal Government’s Project BRIDGE initiative — Building Resilient Digital Infrastructure for Growth — which he said would improve connectivity, create jobs and strengthen service delivery nationwide.
He consequently directed all MDAs to sustain and expand digital processes across their operations.
“The era of manual inefficiency must give way to a culture of speed, transparency, data-driven decision-making and citizen-centred service,” Tinubu declared.
The President further urged participants at the conference to ensure that ongoing reforms translate into tangible and lasting outcomes, insisting that Nigerians expect efficient service delivery and accountability from public institutions.
He added that the Civil Service must continue to justify public confidence through improved performance and institutional resilience before officially declaring the conference open.
The Head of the Civil Service of the Federation, Didi Esther Walson-Jack, in her remarks, said reforms under the Federal Civil Service Strategy and Implementation Plan 2021–2025 had significantly transformed operations across the service.
According to her, the reforms have strengthened institutional performance, improved service delivery and introduced innovative digital tools reshaping governance processes.
Walson-Jack cited the introduction of platforms such as Service-Wise GPT as evidence of the Civil Service’s commitment to innovation, efficiency and technology-driven governance.
She added that collaboration among MDAs had played a key role in sustaining the momentum of reforms and assured that the Civil Service would continue evolving into a more agile and professional institution capable of meeting Nigeria’s development needs.
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