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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.

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”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.”

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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.

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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

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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.

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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.

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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.

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He called for more partners to join this crucial endeavour to revolutionize healthcare in Africa and make a lasting impact on community well-being.

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Economy

Nigeria remains Africa’s largest economy, says World Bank

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The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has confirmed that Nigeria remains the largest economy in Africa by Gross Domestic Product (GDP) despite the challenges faced by its private sector.

Speaking at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja yesterday, Dr. Diop said while Nigeria receives far less Foreign Direct Investment (FDI) than its potential warrants—especially in comparison to countries like Indonesia and South Africa—it continues to hold its position as Africa’s biggest economy.

He stated that the CPSD report, set to be released in the coming weeks, will reveal the impact of private sector constraints on economic growth.

He noted that if targeted actions were taken to remove these obstacles, Nigeria’s economic potential would be significantly enhanced.

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The current macroeconomic reforms, he explained, have created a favorable environment for such changes. He cited the country’s recent economic stabilization measures, particularly exchange rate market adjustments and improved access to foreign exchange, as critical steps that have already enhanced investment conditions.

Dr. Diop outlined four key sectors where strategic reforms could unlock massive investment and job creation. In the Information Communication Technology (ICT) sector, investment opportunities worth up to $4 billion could be realized, potentially creating more than 200,000 jobs.

In agribusiness, reforms could unlock $6 billion in investment and generate over 275,000 jobs.

The solar photovoltaic (PV) industry holds the potential for $8.5 billion in investment and more than 129,000 jobs, while the pharmaceutical sector could attract $1.6 billion and create more than 30,000 to 40,000 jobs.

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For the ICT sector, he identified the high, unpredictable, and inconsistent right-of-way fees, levies, and informal charges—comprising 30 to 70 per cent of broadband rollout costs—as a major barrier. Addressing these regulatory inconsistencies, he argued, would be a game-changer for broadband expansion. He acknowledged that the National Economic Council has recognized this issue and that progress is being made through a World Bank-supported initiative.

Additionally, he pointed to challenges such as vandalism, limited financing for rural broadband expansion, and the need for competitive access to wholesale fiber. He noted that efforts are underway in collaboration with government agencies to resolve these issues, and the World Bank, the International Finance Corporation (IFC), and private investors are prepared to support broadband infrastructure development.

On solar power, Dr. Diop described Nigeria’s energy sector as difficult but noted that renewable energy access, particularly solar PV, has been a bright spot. He explained that private sector investment in renewable energy has historically been hindered by high costs and unviable tariffs. However, blended finance mechanisms supported by the World Bank and IFC have helped bridge this gap, making off-grid solutions more viable.

He pointed to the DES project, which aims to connect 17.5 million households and businesses to solar power, as evidence of growing private sector interest. While the solar industry is expanding, he stressed that reforms to improve Nigeria’s grid electricity supply remain crucial for industrialization.

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The Regional Director for Central Africa and Anglophone West Africa at the IFC, Dr. Dahlia Khalifa, stressed the importance of consistency in regulatory policies, particularly in customs duties and revenue agency fees. She noted that unpredictability discourages private sector investment, as businesses rely on stable regulatory environments for strategic planning.

Khalifa also pointed out that while direct job creation in the pharmaceutical sector may be lower compared to other industries, improved healthcare services would yield far-reaching economic benefits.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, commended the IFC for its support across critical sectors, including agriculture, infrastructure, and pharmaceuticals. He highlighted key financing partnerships such as the $1.2 billion facility for Indorama’s fertilizer expansion in Eleme, investments in cocoa processing, and a $70 million SME financing initiative with First City Monument Bank.

He also acknowledged IFC’s latest commitment of $70 million to five Nigerian companies under the Distributive Access to Renewable Energy programme, part of the federal government’s broader Mission 300 initiative.

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Edun said President Bola Tinubu’s administration has undertaken bold and necessary reforms that have reshaped Nigeria’s economic landscape. He noted that the removal of wasteful subsidies has strengthened government finances, while improved security has boosted oil production and revenue.

He highlighted that private sector confidence is growing, with new investments beginning to materialize in response to the government’s policy changes.

The minister restated the administration’s commitment to addressing the cost-of-living crisis, particularly through increased food production and affordability measures. He acknowledged that reforms such as the removal of fuel subsidies and the adoption of market-based pricing mechanisms have led to short-term inflationary pressures.

However, he assured that targeted interventions, including direct cash transfers to vulnerable citizens with World Bank support, will help mitigate the impact.

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He insisted that the government remains determined to leverage technology to ensure swift, biometric-enabled assistance to those in need.

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Economy

SEE Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 7th February 2025

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The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) is N1700 on Friday, February 7th, 2024, players bought a dollar for N1685 and sold it for N1700.

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Friday, February 7th, 2024.

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.

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Dollar to Naira Black Market Rate Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1685
Selling Rate N1700
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1685
Selling Rate N1700
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.

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Economy

CBN lists conditions for sale of FX to BDC operators

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The Central Bank of Nigeria, CBN, has issued guidelines for the sale of foreign exchange (FX) to Bureaux De Change, BDC, operators.

The modalities are outlined in a statement issued by the Trade and Exchange Department of the CBN on Wednesday.

The Apex Bank stated that this is in response to its earlier authorization granting temporary access to existing BDCs to the Nigerian Foreign Exchange Market (NFEM) for the purchase of FX from authorized dealers.

The CBN noted that authorized dealers are only allowed to sell foreign exchange cash to BDCs, subject to a maximum of USD 25,000.00 per week per BDC.

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The Apex Bank warned that any breach of this condition will attract appropriate sanctions.

The CBN emphasized that the selling rate by authorized dealers to BDCs shall be the prevailing day rate at the NFEM window.

According to the statement from the bank, “foreign exchange cash purchased by BDCs from authorized dealer banks shall be sold to foreign exchange end-users at a rate not exceeding a one percent margin above the buying rate.

“While the one percent margin stated above shall be applicable to all funds to be retailed by BDCs, regardless of the source of funds.”

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