Nigeria’s healthcare sector continues to grapple with heavy dependence on imported pharmaceutical products, with Africa accounting for nearly 25 percent of the global disease burden while importing about 97 percent of its medicines. The vulnerability of this dependence became more evident during the COVID-19 pandemic, prompting renewed calls for stronger local pharmaceutical production.
In response to the challenge, The Alternative Bank is expanding its support for Nigeria’s pharmaceutical industry through targeted financing aimed at boosting local medicine production, distribution, and supply chains. The non-interest financial institution is also seeking collaboration with industrial pharmacists across the country to drive sustainable healthcare solutions.
Speaking during an interview with the Association of Industrial Pharmacists of Nigeria (NAIP) for the maiden edition of the Pharma Industry Digest, Dr. Jekwu Ozoemene, Group Executive at The Alternative Bank, stressed the importance of strengthening Nigeria’s pharmaceutical independence.
According to him, achieving medicine security and sovereignty is critical to the country’s survival, adding that the Bank is ready to collaborate with stakeholders across the healthcare value chain to make local production a reality.
As a fully licensed non-interest bank, The Alternative Bank operates with an asset-backed and risk-sharing financing model that allows repayment structures to align with businesses’ cash flow realities rather than rigid loan conditions. The Bank said this approach is designed to help healthcare businesses grow sustainably.
To further support the sector, the Bank has introduced healthcare-focused financial solutions nationwide, including stock financing, vendor and distributor financing, supply chain support, and revolving drug funds. It is also driving wider healthcare reforms through health insurance initiatives, health management information systems, capital market access, and Banking-as-a-Service platforms.
These initiatives are being expanded through partnerships with State Health Boards to improve access to affordable and quality medicines for Nigerians.
Beyond improving healthcare delivery, the Bank believes local pharmaceutical production can also help address broader economic concerns. Increased domestic manufacturing is expected to reduce the country’s reliance on foreign exchange for medicine imports, ease pressure on the naira, and create employment opportunities across pharmaceutical research, manufacturing, logistics, and retail distribution.
Dr. Ozoemene noted that the Bank’s vision goes beyond financing importers, explaining that it also aims to support industrial pharmacists building World Health Organization-compliant manufacturing facilities and researchers developing medicines tailored to Nigeria’s health needs, including treatments for malaria and hypertension.
He added that the strategy aligns with the principles of non-interest banking, which emphasise investments that create social impact while delivering sustainable financial returns.
Established in 2014 as a non-interest banking window under Sterling, The Alternative Bank became a standalone bank in July 2023 after receiving a banking licence from the Central Bank of Nigeria. The institution says its operations are guided by ethical non-interest banking principles aimed at supporting impactful and sustainable development.
