Economy
FG, Afreximbank partner on $1bn healthcare investment
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The Federal Government and African Export-Import Bank (Afreximbank) have committed to a $1 billion partnership to revolutionise Nigeria’s healthcare sector.
The $1 billion Healthcare Value Chain Programme established through a Memorandum of Understanding between Afreximbank and the Federal Ministry of Health is geared at improving access to quality healthcare, reduce medical tourism, and empower the domestic healthcare workforce.
This initiative falls under the Presidential Initiative for Unlocking Healthcare Value Chains, PVAC, with a view to comprehensively strengthening Nigeria’s healthcare sector.
In a meeting with Afreximbank President, Professor Benedict Oramah, at the Presidential Villa yesterday, President Bola Tinubu said: “We welcome this significant step towards investing in Nigeria’s healthcare sector.
”This facility is a great commitment to humanity. We are open and ready to assist this project in every way possible.”
The President noted that the initiative would reduce the need for outbound medical tourism by providing exceptional care within Nigeria and also stem the tide of healthcare talent migration by fostering a thriving domestic healthcare sector.
On his part, the Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, said: “For too long, our continent has watched as its best and brightest medical minds have migrated to Europe and America.
”But we are now poised to develop a domestic healthcare sector which can retain talent, eventually rivalling and even surpassing systems in other regions.”
The discussions also focused on the transformative potential of the 500-bed African Medical Centre of Excellence, AMCE, Abuja, currently nearing completion and its broader impact on healthcare across the continent.
The AMCE Abuja, the first of five planned across Africa, is poised to become a leading centre for research, clinical services, and medical education.
It will focus on three critical non-communicable diseases – Oncology, haematology, and Cardiology – alongside general care capabilities.
This, coupled with collaborations with global partners, such as King’s College London, the University of Wisconsin Teaching Hospital, and Christies Hospital Manchester, demonstrates a new direction for African healthcare provision.
According to Oramah, AMCE Abuja will not only provide world-class medical services but also serve as a training ground for future generations of healthcare professionals.
“Afreximbank, in collaboration with King’s College London, is establishing a Medical & Nursing School in Abuja to support this mission.
”This initiative, along with partnerships with other medical institutions across Africa, aims to create a sustainable pool of skilled medical personnel within the continent,” he said.
AFC commits $40m to build Africa’s first medical centre of excellence in Abuja
Meanwhile, Africa Finance Corporation, AFC, a leading infrastructure financier, has pledged up to $40 million to support the construction of the first African Medical Centre of Excellence, AMCE, in Abuja.
The 500-bed facility is being developed by the Africa Export-Import Bank (Afreximbank), in partnership with King’s College Hospital, London, KCH, following an agreement reached at the inaugural AMCE African Health Forum in Abuja weekend.
The project is set to strategically leverage KCH’s unmatched diagnostic, clinical, and capacity-building expertise, focusing on three core non-communicable diseases, namely oncology, cardiology, and haematology.
With a commitment to world-class research, education, and development, AMCE aims to establish itself as a leader in clinical services.
The AMCE initiative signals a healthcare revolution in West Africa, aiming to redirect the course of medical tourism away from the continent.
It envisions the creation of a series of world-class medical centres of excellence in Africa, providing widespread access to critical healthcare in the region.
AMCE Abuja, a first-of-its-kind medical treatment and research center, will unfold in four phases over six years.
AFC, as a new shareholder, will play a pivotal role in the initial phase, involving the construction of a 170-bed specialist hospital, set to expand to 500 beds by the third phase.
With construction progress already over halfway complete, the facility is on track to commence operations in the first quarter of 2025.
Samaila Zubairu, AFC President and CEO, expressed the organization’s commitment to transforming healthcare in Africa and contributing to a reversal in medical tourism.
He emphasized the importance of building a world-class facility that captured medical spending in Africa, promotes specialist skills development, and attracts healthcare practitioners to local communities.
Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, lauded AFC’s partnership, emphasizing its significance in addressing Africa’s healthcare infrastructure challenges.
He called for more partners to join this crucial endeavour to revolutionize healthcare in Africa and make a lasting impact on community well-being.
See Exchange Rate As Naira Gains 0.07%
The Black Market Dollar-to-Naira Exchange Rate for 24th June 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 24th June 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1395 and buy at ₦1385 on Wednesday, 24th June, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1395
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1375
Lowest Rate ₦1365
The Nigerian naira traded at relatively stable levels against the United States dollar on Tuesday, June 23, 2026, across both the official and parallel foreign exchange markets, as market participants continued to monitor liquidity conditions and foreign exchange demand.
Latest data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira exchanged at approximately ₦1,366.41 per dollar at the official market. The NFEM rate, which is published by the Central Bank of Nigeria, represents the volume-weighted average exchange rate for the day.
The official exchange rate has remained within the ₦1,350-₦1,370 range in recent weeks, supported by improved liquidity and sustained foreign portfolio inflows into local assets.
In the parallel market, also known as the black market, the dollar traded at around ₦1,400 for buying and between ₦1,410 and ₦1,420 for selling, depending on location and dealer quotations.
The spread between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing reforms aimed at improving transparency and efficiency in Nigeria’s foreign exchange market.
Currency traders said demand for dollars from importers, travellers and businesses remained steady, although the naira has benefited from increased confidence in the foreign exchange market and improved dollar supply.
Analysts noted that exchange rates could continue to fluctuate in response to changes in foreign exchange inflows, global oil prices and domestic economic conditions.
As of the prevailing rates, $100 would exchange for about ₦136,641 at the official NFEM window, while the same amount could fetch between ₦141,000 and ₦142,000 in the parallel market.
Foreign exchange rates remain subject to intraday movements and may vary across banks, bureaux de change operators and other market participants.
A total sum of N2.300 trillion, being the May 2026 Federation Account Revenue, has been shared between the federal government, states, and the local government councils.
In a statement on Wednesday by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, the revenue was shared at the June 2026 Federation Account Allocation Committee FAAC meeting held in Abuja.
The N2.300 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue of N3.395 trillion was available in the month of May 2026. Total deduction for cost of collection was N123.546 billion, while total transfers and refunds were N971.610 billion.
According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.
Gross revenue of N743.668 billion was available from the Value Added Tax (VAT) in May 2026. This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion.
The communiqué stated that from the N2.300 trillion total distributable revenue, the federal government received a total sum of N818.680 billion, and the state governments received a total sum of N759.141 billion.
The local government council received N534.277 billion, while the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.
On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.
The local government councils received N293.202 billion, and the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N688.785 billion distributable Value Added Tax (VAT) revenue, the federal government received N68.879 billion, the state governments received N378.832 billion, and the local government councils received N241.075 billion.
In May 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax (VAT), Excise Duty, and CET Levies decreased considerably.
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