IFC and NSIA Map out Strategies to Increase
Investments in Nigeria’s Health Sector
Lagos, Nigeria. February 11, 2016 – IFC,
a member of the World Bank Group, and Nigeria Sovereign Investment Authority,
NSIA, managers of Nigeria’s Sovereign Wealth Fund, today co-hosted a hospital
sector focused roundtable to foster collaboration among participants for
joint advocacy, project development, and investments that will develop
the private health sector in the country.
About 50 stakeholders attended the event,
including senior executives from some local and foreign private hospitals,
Health Management Organizations, and other players in the Nigerian private
health sector. Participants identified key areas for growth and expansion,
discussed lessons from other countries and how output from the roundtable
think tank will be used in developing the sector.
Uche Orji, Managing Director and CEO of NSIA,
said, “NSIA seeks to catalyze private sector investment in the healthcare
space by establishing public-private partnerships and innovative solutions.
While the medical sector is among the most challenging in terms of establishing
investment models, it is also one of the most impactful and is a core NSIA
In late 2014, the Federal Government signed
the National Health Act and approved the establishment of State supported
health insurance schemes by the National Council on Health. As a result,
the private sector has the opportunity to play an increasing role in the
delivery and financing of health services across the country especially
to lower income earners.
Eme Essien Lore, IFC Country Manager for
Nigeria, said, “IFC is committed to help increase access to affordable
quality healthcare services by financing and facilitating financing for
integrated networks. This will support the development of critical health
infrastructure and attract private capital into the sector. We are working
with NSIA to boost investments in the healthcare sector and bridge the
gap in undersupply of quality healthcare in Nigeria.”
IFC is the world’s largest multilateral
investor in private healthcare, managing an active portfolio of about $1.3
billion worth of health investments. IFC investments in service providers,
pharmaceuticals and medical technology are aimed at promoting greater access
to affordable, high-quality healthcare.
Current research shows that more than 30,000
Nigerian’s embark on medical tourism annually and spend more than $1 billion
of the country’s limited foreign exchange in the process. By actively
engaging stakeholders on the issues limiting investments in the healthcare
sector, NSIA seeks to reverse this trend and galvanize ideas that remove
barriers to investments. The outcome of the exercise will complement the
NSIA’s ongoing interventions in the sector through the NSIA Healthcare
Development and Investment Company (NHDIC).
About Nigeria Sovereign Investment Authority
Nigeria Sovereign Investment Authority is
an investment agency of the Federation set up to manage funds in excess
of budgeted hydrocarbon revenues. Its mission is to play a leading role
in driving sustained economic development for the benefit of all Nigerians
through building a savings base for the Nigerian people, enhancing the
development of Nigeria’s infrastructure, providing stabilization support
in times of economic stress. NSIA operates three mandate funds: the Stabilization
Fund, the Future Generations Fund and the Nigeria Infrastructure Fund.
NSIA, through its healthcare investment vehicle,
NSIA Healthcare Development and Investment Company, has entered into Memorandum
of Cooperation with the Federal Ministry of Health and six Federal Medical
Centres / Federal Teaching Hospitals across all six geopolitical zones
of the country to develop diagnostic centers and specialist healthcare
facilities to be co-located within the federal healthcare institutions.
For more information please visit www.nsia.com.ng
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org