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With potential to create 16m jobs
The United Nations Economic Commission for Africa (ECA), the African Business Coalition for Health (ABCHealth) and National Institutes of Health (NIH), are today hosting a virtual Africa Investment Summit on health (AIS) on the margins of the 76th United Nations General Assembly.
The summit convenes together African heads of government and ministers, continental, regional and global business leaders, and development institutions, to discuss strategies that will significantly increase access to vital health commodities and supplies in Africa leveraging the African Continental Free Trade Agreement (AfCFTA) and African Medicines Agency (AMA).
The meeting is a partnership deal by ABCHealth to drive private sector investment in health where opportunities in healthcare and wellness in Africa are estimated to be $259 billion by 2030, with potential to create 16 million jobs.
ABCHealth is a coalition of businesses, philanthropists and development institutions that collectively seek greater private sector contribution towards Africa’s health needs at national, regional and continental levels.
The coalition will develop and deploy impactful health programmes across Africa, deepen knowledge, build evidence for future investments and strengthen coordination among African business leaders, companies, philanthropists and global business networks for coordinated action on health.
Aigboje Aig-Imoukhuede, chairman of ABCHealth said: “We are confident of the impact this partnership will bring to bear on the continent. It is our firm belief that with the public and private sectors working together, combining political will with business knowledge, Africa’s health sector can be built to the point where it will deliver affordable health to Africans in an equitable manner.”
Aliko Dangote, chairman and president of Dangote Industries Limited, and chairman of the Aliko Dangote Foundation (ADF), co-founded ABCHealth through his ADF.
Aigboje Aig-Imoukhuede is a co-founder and chairman of ABCHealth and founder and chairman of Coronation Capital Limited.
Mories Atoki is the chief executive officer of ABCHealth.
Vera Songwe, ECA executive secretary, said investing in health is not just a social good, it also makes a good business case. She said prior to the COVID-19 pandemic, vast untapped business opportunities exist in the healthcare and wellness sector in Africa.
The ECA boss noted that the pharmaceutical industry alone was estimated to be $60 billion in 2020, and is still growing. The AfCFTA-anchored Pharma Initiative represents lucrative private sector investment and innovation opportunities that will change lives, reduce poverty and contribute to Africa’s inclusive and sustainable economic development.”
ECA, made up of 54 member states and playing a dual role as a regional arm of the UN was established by the Economic and Social Council (ECOSOC) of the United Nations (UN) in 1958 as one of UN’s five regional commissions. It has a mandate to promote the economic and social development of its member states, foster intra-regional integration, and promote international cooperation for Africa’s development.
It is a key component of the African institutional landscape, positioned to make unique contributions to address the continent’s development challenges. ECA’s strength derives from its role as the only UN agency mandated to operate at the regional and sub-regional levels to harness resources and bring them to bear on Africa’s priorities.
