Economy
African medical centre of excellence holds inaugural board meeting
African Medical Centre of Excellence (AMCE Abuja) established by Afreximbank, has held its inaugural board meeting in Cairo, Egypt on October 6, 2023. AMCE Abuja, a landmark and visionary initiative by African Export-Import Bank (Afreximbank), entails the implementation and operationalisation of a 500-bed quaternary level medical facility that will offer a wide range of services and specialisations including oncology, cardiology, haematology, and general care capabilities. The AMCE Abuja will also provide a full range of medical services, including diagnostics, treatment, nuclear medicine, surgery and post-surgical care. It will operate in collaboration with the Kings College Hospital, London, leveraging KCH’s diagnostic, clinical and capacity building expertise to become a world class healthcare institution.
At the inaugural board meeting of the AMCE Abuja, the Board endorsed the appointment of Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank as its Chairman and appointed Mr. Amr Kamel as his alternate. The appointment of Professor Benedict Oramah reflects his significant contributions to and vision for the project, as well as his exemplary leadership qualities, which have led Afreximbank to remarkable growth. It is expected that under his leadership, the AMCE will successfully accomplish its mission of providing world class medical care, conducting innovative and groundbreaking research, facilitating development initiatives, and offering educational programs in collaboration with esteemed international organizations. Through establishing both international and Pan-African partnerships, AMCE Abuja will ultimately become a prominent global reference and a leading destination for medical tourism in the region.
Other members of the AMCE Abuja Board, include Prof. Ghulam Mufti, Prof Adedayo Onitilo, Dr. Anwar Alhaq, Mr. Emmanuel Assiak, Mr. Brain Deaver, Dr. Zahoor Khan, Dr. Aisha Umar, His Excellency, Arc. Namadi Sambo, Mr. Amr Kamel, Ms. Oluranti Doherty, Mr. Olusola Babalola, and Dr. Gloria Rowland. Speaking after his appointment as Chairman of the AMCE Board, Prof Benedict Oramah, commented: “I am delighted to chair this first meeting of the AMCE Board. This project is of great significance to our continent, with Africans being among the largest importers of medical services globally due to a lack of modern, affordable, and well-equipped medical facilities, technologies and personnel on the continent who especially deal with lifestyle diseases. This facility, with an initial capital investment of nearly USD 300 million, is by far, the single largest private healthcare investment both in Nigeria and on the continent. It will be the first of many facilities being considered across Africa and will serve as the headquarters for AMCE on the continent.”
In addition, the board has approved the proposal of the AMCE executives to organise a medical conference in the first quarter of 2024 in Abuja, Nigeria. This conference will serve as a unique platform for African leaders, researchers, policymakers, and stakeholders to exchange insights, discuss challenges, and explore opportunities in the realms of medical and scientific fields with the goal of increasing awareness and collaboration in the areas of research, innovation, and public health throughout the continent. The conference will align discussions and outcomes with the objectives of the African Union and the Africa Centre for Disease Control and Prevention (Africa CDC), by supporting the healthcare goals outlined in “Agenda 2063: The Africa We Want.”
Brian Deaver, CEO of AMCE Abuja commented that “The AMCE initiative is a great step forward in addressing the continent’s healthcare needs. Its success will require strong leadership, commitment, and collaboration. The decisions taken at this first board meeting represent an integral step in ensuring that beyond these broad objectives, the AMCE can fulfil its mandate of delivering quality healthcare across Africa, and we are honoured to have Professor Oramah as Chairman of the Board.” A significant focus of the AMCE Abuja is to perform innovative and ground-breaking research, development and educational programs in partnership with leading global institutions such as the KCH, the Christies Manchester and University of Wisconsin, USA, in order to develop additional insights into diseases and treatment trends to improve the quality of care available in Nigeria and the West African region. The facility will also provide first-class medical equipment and infrastructure that include PET CT scans, Cyclotrons that will produce nuclear isotopes, Linear Accelerators for radiotherapy, chemotherapy suites, fully equipped modular theatres, HTR/ HDR machines, among many others which are currently not available in sub-Saharan Africa in order to deliver superior quality of diagnostic and specialty services.
With the initial capital outlay for the first phase of the AMCE Abuja at nearly 300 million US dollars, the facility is by far, the single largest private healthcare investment in Nigeria. This investment is set to rise to 700 million US dollars upon completion of the second phase of the project. The construction of AMCE Abuja commenced in 2022, and it is projected to be completed and commissioned in 2025.
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
-
News3 days agoNigeria to officially tag Kidnapping as Act of Terrorism as bill passes 2nd reading in Senate
-
News3 days agoNigeria champions African-Arab trade to boost agribusiness, industrial growth
-
News3 days agoFG’s plan to tax digital currencies may push traders to into underground financing—stakeholders
-
Finance1 week agoAfreximbank successfully closed its second Samurai Bond transactions, raising JPY 81.8bn or $527m
-
Economy3 days agoMAN cries out some operators at FTZs abusing system to detriment of local manufacturers
-
News1 week agoFG launches fresh offensive against Trans-border crimes, irregular migration, ECOWAS biometric identity Card
-
News3 days agoEU to support Nigeria’s war against insecurity
-
Uncategorized3 days agoDeveloping Countries’ Debt Outflows Hit 50-Year High During 2022-2024—WBG