The Federal Ministry of Health and the Nigeria Sovereign Investment Authority (“NSIA”), Nigeria’s sovereign wealth fund, today announced the launch of a comprehensive healthcare investment program covering all six geo-political regions of the country.
The aim of the investment program is to catalyze 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 program aims to reverse the outflow of the over US$1 billion per year spent by Nigerians on medical tourism.
The healthcare projects are being developed by the NSIA, in partnership with Federal Government Teaching Hospitals andMedical 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 which will provide advanced medical care and modern diagnostic services are being developed. At the moment, a total of ten (10) Memorandum of Cooperation (MOCs) have been signed. However, six (6) agreements are at advanced stages.
NSIA has entered an Agreement with Lagos University Teaching Hospital (LUTH) to jointly develop a specialist cardiovascular hospital in Lagos. 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 program, NSIA also secured approval from the Federal Ministry of Health to enter into a binding agreement with Aminu Kano Teaching Hospital (AKTH) for the development of a modern medical diagnostic centre to be co-located within the main hospital complex at Kano. 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.
NSIA intends replicating similar strategies within the medical complexes of Federal Healthcare Institutions in the North-East, North-Central and the South-South zones, 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.
Professor Isaac Folorunso Adewole, Minister of Health said, “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 modernize 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”.
Uche Orji, Managing Director & CEO, NSIA commented, “NSIA 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”.
The Federal Ministry of Health is a cabinet-level Ministry of the Federal Government of Nigeria concerned with the formulation and implementation of policies to strengthen Nigeria’s national health system for effective, efficient, accessible and affordable delivery of health services across the country. Its goal is to ensure a healthy Nigeria as it seeks to provide quality stewardship and services for the health of all. The Ministry’s healthcare programs provide a framework for equitable treatment of beneficiaries nationwide, and also enable the collection of national health and related data. For more information please visit www.health.gov.ng/.
The Nigeria Sovereign Investment Authority, a corporate body established by the Nigeria Sovereign Investment Authority (Establishment, etc.) Act 2011, is mandated 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 and providing stabilisation support in times of economic stress. NSIA operates three mandate funds: the Stabilisation Fund, the Future Generations Fund and the Nigeria Infrastructure Fund. For more information please visitwww.nsia.com.ng.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
