NEWS
Nigeria, Barbados, Afreximbank Advance $32m Pharmaceutical Project
Nigeria, Barbados, Afreximbank Advance $32m Pharmaceutical Project
Nigeria, Barbados and the African Export-Import Bank (Afreximbank) have advanced plans for a $32 million pharmaceutical manufacturing project aimed at strengthening medicine production, regional health security and trade between Africa and the Caribbean.
The proposed investment will establish an intravenous (IV) fluids manufacturing facility in Barbados, with an initial annual production capacity of 12 million units and the potential for expansion.
The project was advanced through agreements signed on the sidelines of the 2026 Commonwealth Heads of Government Meeting (CHOGM) in St John’s, Antigua and Barbuda.
The partnership involves the governments of Nigeria and Barbados, Barbados Pharmaceutical Inc. (BPI), Nigerian pharmaceutical manufacturer AMA Medical Manufacturing and Afreximbank.
As part of the arrangements, BPI and AMA Medical Manufacturing signed a memorandum of understanding, while AMA and Afreximbank signed a Project Preparation Facility (PPF) term sheet, marking the first step towards a comprehensive financing arrangement.
The proposed financing structure is expected to combine project preparation support with senior debt, working capital and risk-bearing instruments to facilitate the establishment of the facility.
Production is targeted to commence in 2029, subject to feasibility assessments, financing arrangements, regulatory approvals and construction processes.
Barbados Prime Minister, Mia Amor Mottley, described the partnership as an important step towards economic resilience and practical cooperation between Africa and the Caribbean.
Every second brings Nigerians closer to exercising their democratic right and shaping the future of our nation.
Exercise your democratic right responsibly, peacefully and lawfully.
“Barbados may be a small island state, but our ambitions for our people and our region are not small,” she said.
She added that the partnership demonstrated the determination of African and Caribbean nations to build productive capacity, strengthen health security and create opportunities for future generations.
Channel
Nigeria’s Secretary to the Government of the Federation, Senator George Akume, said the partnership reflected Nigeria’s commitment to strengthening economic cooperation with Caribbean countries through practical industrial initiatives.
“Nigeria’s partnership with Barbados reflects our commitment to deepening economic cooperation between Africa and the Caribbean through practical industrial initiatives,” Akume said.
He noted that combining Nigerian manufacturing expertise with Caribbean investment opportunities would strengthen healthcare production, expand trade and create opportunities for technology exchange and skills development.
Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, also welcomed the initiative, describing it as an example of trade and investment driving South-South cooperation and diversifying pharmaceutical supply chains.
“We are delighted to see this partnership taking shape, and to have been part of the journey. This is re-globalization in action,” she said.
Okonjo-Iweala recalled that the COVID-19 pandemic exposed the risks of concentrating essential medical production in a limited number of countries.
According to her, the partnership would help expand pharmaceutical manufacturing, connect the industrial capabilities of Africa and the Caribbean, strengthen supply chain resilience and create opportunities for economic development.
Senior Executive Vice-President of Afreximbank, Mr Denys Denya, said the project builds on the bank’s growing partnership with Caribbean countries, which gained momentum during the COVID-19 pandemic through efforts to facilitate access to vaccines.
He said the proposed facility would help the Caribbean develop local production of essential medicines, strengthen health sovereignty, facilitate technology transfer and create skilled employment.
“Our intention is to provide a comprehensive financing solution, beginning with the Project Preparation Facility and extending to senior debt, working capital and risk-bearing instruments,” Denya said.
Chairman of AMA Holdings, Abdullahi Musa Bello, said the partnership would enable the Nigerian company to introduce its manufacturing capabilities into a new market while contributing to pharmaceutical development in the Caribbean.
He said the focus would be on establishing a commercially viable operation supported by technical expertise, reliable supply chains and sustainable market opportunities.
Acting Chief Executive Officer of Barbados Pharmaceutical Inc., Dr Cindi Lewis, said the immediate priority was to translate the agreements into a functioning manufacturing operation.
The project initially focuses on IV fluids, an essential medical product used across healthcare systems.
The initiative builds on existing trade between Nigeria and Barbados, with AMA’s first shipment of IV fluids reaching Barbados in March 2026. Further shipments are planned for Antigua and Barbuda, the British Virgin Islands and St Lucia.
BPI is also working with AMA-MED and Barbados-based Lenstec to explore opportunities for expanding Barbadian medical technology into the Nigerian market.
Barbados enacted legislation in June 2026 to establish the Barbados Medical Products Authority, with regulatory and institutional implementation currently underway.
The proposed manufacturing facility is expected to serve as a foundation for broader pharmaceutical industrial development, including skills development, regulatory capacity, investment and market access.
The project will now proceed through feasibility studies, project preparation, financing and regulatory processes before construction and production can begin.
DO YOU WANT TO WHISTLEBLOW, REPORT FRAUD, THEFT OR INJUSTICE OR INTIMIDATION? SEND US YOUR STORY/REPORT TO NEWSDESK@MEDIATODAY.NG
