The Alternative Bank is positioning itself at the forefront of efforts to strengthen Nigeria’s medicine security by deploying targeted financing solutions to support local pharmaceutical manufacturing, distribution and healthcare supply chains.
The Bank says it is leveraging asset-backed, risk-sharing capital to help industrial pharmacists and healthcare stakeholders scale domestic production of essential medicines. This is in response to the country’s heavy dependence on imported drugs – a vulnerability exposed during the COVID-19 pandemic.
As part of the initiative, the Bank has invited members of the Association of Industrial Pharmacists of Nigeria to partner on building a more resilient and self-sufficient pharmaceutical sector.
Speaking in a recent interview with the Association of Industrial Pharmacists of Nigeria (NAIP) for the maiden edition of its Pharma Industry Digest, Dr. Jekwu Ozoemene, Group Executive at The Alternative Bank, underscored the urgency of localising production.
“Pharma and medicine security and sovereignty is essential to Nigeria’s survival,” Ozoemene stated. “We are positioned to partner with all stakeholders to make this a reality.”
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.
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.
