The Nigeria Sovereign Investment Authority (“NSIA”), the country’s sovereign wealth fund, and the Federal Ministry of Health, on Monday announced the launch of a comprehensive healthcare investment programme covering all six geo-political regions of the country, in a renewed effort to reverse over US$1 billion annual outflows through medical tourism.
The aim of the investment programme is to catalyse private sector investment to bridge the healthcare infrastructure gap, contribute to the reduction of the disease burden and facilitate improvement of healthcare in the country.
“In addition, the programme aims to reverse the outflow of the over US$1 billion per year spent by Nigerians on medical tourism,” a statement from NSIA affirmed further.
The healthcare projects are being developed by the NSIA, in partnership with Federal Government teaching hospitals and medical centres (“Federal Healthcare Institutions”) located in each of the six geo-political regions of the country.
Under the partnership, specialist hospitals and modern diagnostic centres will provide advanced medical care as modern diagnostic services are being developed. At the moment, a total of ten Memorandum of Cooperation (MOCs) have been signed.
However, six agreements are at advanced stages. Already, the NSIA has entered an agreement with the Lagos University Teaching Hospital (LUTH) to jointly develop a specialist cardiovascular hospital in Lagos. Notably, the specialist hospital is expected to provide cardiovascular treatment, including diagnostics, minimally invasive procedures, surgery and post-surgery care in the country.
As part of the programme, the NSIA, which now has about $1.25 billion under its management, said it has also secured approval from the Federal Ministry of Health, to enter into a binding agreement with the Aminu Kano Teaching Hospital (AKTH) for the development of a modern medical diagnostic centre to be co-located within the main hospital complex in Kano.
Uche Orji, Managing Director & CEO, NSIA says his institution seeks to transform Nigeria’s healthcare sector by facilitating private sector participation, and working closely with Federal Healthcare Institutions.
“We expect that these investments will expand the capabilities of Federal Healthcare Institutions by providing world class equipment, and the very best in private sector operations and management. This is part of a broader set of objectives designed to help build human and institutional capacity across the healthcare sector in Nigeria”, Orji commented.
NSIA recently signed a binding agreement with the Federal Medical Centre Umuahia, to develop a modern medical diagnostic centre co-located within the main hospital complex in Umuahia, Abia State, and intends replicating similar strategies within the medical complexes of the Federal Healthcare Institutions in the North-East, North-Central and the South-South zones.
This would be pursuant to the tripartite Memoranda of Cooperation signed with the Federal Ministry of Health and at least one Federal Healthcare Institution in these geo-political regions. Isaac Folorunso Adewole, Minister of Health, is hopeful the these projects will attract investments into Nigeria’s healthcare sector and demonstrate the Federal Ministry of Health’s ability to work effectively with institutions such as the NSIA. “The ministry seeks to modernise and expand Nigeria’s healthcare sector, and the projects being jointly developed with NSIA will ensure that Nigerians have access to world class medical services”, he noted.
