By Emma Ujah, Abuja Bureau Chief
The International Finance Corporation (IFC) and the Nigeria Sovereign Investment Authority (NSIA) have inked a $154.1 million agreement to finance the growth of oncology centers throughout Nigeria.
The goal of the cooperation, which was finalized last night in Abuja, was to provide access to high-quality cancer care and diagnostic services across the nation.
Through the arrangement, Advanced Medical Services Limited (MedServe), a fully owned healthcare subsidiary of the NSIA, would receive finance denominated in naira from the IFC, the World Bank Group’s private sector window.
Using this framework, the IFC would make its first healthcare investment in Nigeria by contributing roughly $24.5 million (almost N14.2 billion) in long-term local currency finance.
The funding would allow MedServe to expand vital
With the money, MedServe would actively pursue its expansion plan to build cardiac catheterization labs, radiotherapy-enabled cancer care facilities, and diagnostic clinics throughout a number of Nigerian states.
The provision of specialist diagnosis and treatment would be improved by these facilities’ advanced medical technologies, which would include cardiac catheterization equipment, digital pathology labs, linear accelerators, and CT and MRI (Computerized Tomography and Magnetic Resonance Imaging).
MedServe helps guarantee that low-income patients have more access to reasonably priced oncology care by offering sustainable service delivery with pricing that is tailored to local income levels.
Over a dozen state-of-the-art diagnostic and treatment facilities, 800 direct jobs, and the training of over 500 medical experts in the fields of cardiology and oncology are all anticipated outcomes of the program.
By maximizing capital efficiency and fortifying the public-private ecosystem, MedServe’s co-location strategy with public hospitals creates a replicable foundation for future investment.
“This partnership with IFC represents a significant milestone in NSIA’s commitment to strengthening Nigeria’s healthcare ecosystem through sustainable, locally anchored investment solutions,” stated Mr. Aminu Umar-Sadiq, Managing Director (MD) of the NSIA, during the deal signing ceremony.
“We are filling important infrastructural gaps, lowering foreign exchange risk, and guaranteeing that underprivileged areas have access to high-quality diagnostic and cancer care services by using long-tenor naira financing.
“MedServe’s growth demonstrates our conviction that financially feasible healthcare investments can support national health priorities and have a significant development impact.”
“Nigeria’s focus on addressing the rising prevalence of non-communicable diseases presents a significant opportunity to deploy innovative financing mechanisms capable of mobilizing private capital at scale, while ensuring equitable access to quality care,” said Mr. Ethiopis Tafara, the IFC Vice President for Africa.
“This goal aligns with our larger vision for Africa, where inclusive growth and robust health systems complement one another to produce long-term effects throughout the continent.”
While praising the IFC for the facility, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, noted that its contribution was insufficient for a nation such as Nigeria.
The minister stated that Nigeria would view the IFC’s $24.5 million investment as seed money and urged the organization to contribute significantly more to the initiative, claiming that the country is capable of absorbing considerably more.
“We will see that as some sort of pilot seed financing,” he said. Bring the actual cash. Nigeria is deserving of it. We can handle anything. As you can see, we spend billions on medical tourism, therefore if we have the resources here, the profits will also be in the billions.
