By JOHNMARK UKOKO
African Development Bank (AfDB) has signed an agreement worth $3.56 million with the Economic Community of West African States (ECOWAS) to boost the region’s pharmaceutical sector. Director-General, Country Department of AfDB for Nigeria, Lamin Barrow, signed on behalf of the bank, while President of ECOWAS Commission, Jean Claude Kassi, signed on behalf of the commission.
Barrow, who was represented by the Commissioner for Industry and Private Sector, Mamadou Traore, while signing the agreement in Abuja, said that the fund was aimed at supporting the development of the pharmaceutical industry in West Africa.
“Guided by our regional integration strategy paper for West Africa from 2022 to 2025, the bank has wrapped up its support to the ECOWAS region, while being more responsive to the emerging priority needs of member countries.
“Currently, AfDB’s active portfolio in West Africa comprised 350 projects and total commitment worth $15.56 billion, with Nigeria accounting for 32 per cent of the funds.
“These investments are mainly focused on building resilient infrastructure and support for regional enterprise development to boost industrialisation in the sub-region,” he said.
He said Africa relies heavily on imports, with an estimated 70 pharmaceutical products sourced from imports largely from South East Asia.
Barrow said local vaccine production capacities met less than one per cent of domestic demands, adding that the COVID-19 pandemic crisis had exposed the fragility of the national health system and caused significant disruptions to health and pharmaceutical supply chains.
He said this necessitated urgent and accelerated measures to ensure minimum level of supply of health products. Barrow disclosed that African governments are now developing their pharmaceutical industries to ensure security of supply and achieve affordability to reduce the pressure on the balance of payment.
He noted that the project would advance the bank’s efforts to support harmonisation of regulations and standards for pharmaceutical products on the continent, The Trumpet gathered.
He also pointed out that it would increase inter-African trade and boost regional integration under the African Continental Free Trade Area (AfCFTA).
The project will enhance the competitiveness of the region’s pharmaceutical products and supplies manufacturing as articulated in the 2019 Abidjan Declaration.
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“The institutional support and capacity building already initiated will strengthen regional training institutions and laboratories to develop the skills required to support the industry’s growth in a gendersensitive and environmentally friendly manner,” he added.
Barrow, who commended the ECOWAS President for the initiative, described it as ‘apt and timely’ and applauded the healthy partnership between the bank and the commission.