FG secures $1bn facility from Afrexim bank for investors to improve health sector- Minister

By Muhammed Yakubu On Mar 21, 2024

Muhammad Idris, Kano, Iftar, Interactive session, Media practitioners , Afrexim bank, Health, — Minister of Information and National Orientation, Alhaji Muhammad Idris

The Federal Government has secured over $1 Billion facility from Afrexim Bank, to be made available to investors, for manufacturing and production in the Nigerian healthcare value chain.

The Minister of Information and National Orientation, Alhaji Muhammad Idris, announced this during a Ramadan Iftar and interactive session with media executives and practitioners in Kano, on Wednesday.

SOLACEBASE reports that Idris said agreements for the first $1.2 Billion in grants have already been signed as part of the Presidential Healthcare Value Chain Initiative, to galvanise the health sector.

He said the Federal Government is boosting Primary Health Care (PHC) by expanding existing PHC centers from 8,800 to 17,000 by 2027, while over N50 billion has been allocated for the Basic Healthcare Provision Fund in the 2024 Appropriations Act.

The minister said a Brazilian company is committing $240 million for investment into the manufacturing of generic pharmaceuticals in Nigeria.

Speaking on efforts to reduce cost of governance, the minister said President Bola Tinubu approved a revolutionary approach towards reducing the cost of governance through the implementation of the much-talked-about Oronsaye Report – 12 years after the report was submitted to the then President, Dr. Goodluck Jonathan.

‘’This is a clear demonstration of Mr. President’s unwavering commitment to fiscal prudence and responsible governance by championing a comprehensive review of government‘s commissions, agencies, and parastatals,’’ Idris said.

‘’In recognition of the need to rationalize the size and scope of government, the President has taken decisive action to merge certain agencies and scrap others that are redundant or have outlived their usefulness.

‘’The merger of some agencies and parastatals and the scrapping of others are not decisions taken lightly.’’

‘’It followed careful consideration and strategic planning to ensure that essential services are not compromised and that the needs of our citizens are adequately addressed while putting the interests of the nation first and foremost. ‘’

‘’Through the implementation of Oronsaye’s Report, President Tinubu aims to achieve significant cost savings by eliminating duplication of functions, streamlining administrative processes, and optimizing resource allocation.’’

‘’This proactive approach will enable the government to operate more efficiently while maintaining the quality and delivery of services to the Nigerian people.’’

According to him, these measures are not undertaken in isolation but are part of a broader strategy to reform and modernize government institutions by leveraging technology, promoting innovation, and fostering a culture of performance and accountability across all sectors.