The Alternative Bank Addresses Nigeria’s Medicine Security Crisis

• With Financing for Local Pharma

Africa bears roughly a quarter of the global disease burden yet imports nearly 97 percent of its pharmaceutical commodities, a vulnerability starkly exposed during the COVID-19 pandemic.

This severe import dependence leaves Nigeria’s medicine security inherently weak. To address this, The Alternative Bank (Alt-Bank) is stepping in as the financing answer, deploying asset-backed, risk-sharing capital to fund local pharmaceutical production, distribution, and supply chains.

As part of this effort, the Bank has extended an invitation to Industrial Pharmacists across Nigeria to partner on solutions.

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,” Dr. 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.