Alternative Bank to finance local pharmaceutical firms in effort to address Nigeria’s medicine security crisis

The Alternative Bank (AltBank) is intensifying its efforts to enhance Nigeria’s medicine security through targeted financing for domestic pharmaceutical manufacturers and their supply chains.

The initiative arrives as Africa bears almost 25 % of the world’s disease burden yet depends heavily on imported drugs and medical supplies—a weakness that became evident during the COVID‑19 pandemic.

According to a statement from the bank, asset‑backed and risk‑sharing financing models are intended to bolster local drug production, strengthen distribution networks, and lower Nigeria’s reliance on imports.

The bank said it has invited industrial pharmacists throughout Nigeria to collaborate on these solutions.

In a recent interview with the Association of Industrial Pharmacists of Nigeria (NAIP) for the inaugural Pharma Industry Digest, Dr