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Friday, 19 February 2016

Nigeria: NSIA, IFC Collaborate to Cut U.S.$1 Billion On Medical Tourism

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The Nigeria Sovereign Investment Authority (NSIA) and the International Finance Corporation (IFC), a member of the World Bank Group, said they are mapping out strategies to increase investments in the nation's health sector, as part of efforts towards ending the over $ 1 billion Nigerians spend on medical tourism.

Speaking at the NSIA, IFC, joint media briefing in Lagos, Chief Risk Officer and Executive Director, NSIA, Mrs. Stella Ojekwe-Onyejeli, said they are seeking to catalyze private sector investment in the healthcare space by establishing Public-Private Partnerships and innovative solutions, which is their core mandate as they are saddled with the responsibility to invest on behalf of the government.

She said NSIA has set aside $400 million for investment in the economy and could use 35 per cent, about $140 million of it on the health sector, which though small, would serve as the start-up capital, hence the need to look for co-investors like the IFC.

On his part, the IFC Country Director, Eme Essien Lore said there was need to support the private hospital sector in Nigeria so that they can deliver affordable, accessible and quality care informed the forum.
To progress in the sector, she said the country will need innovative approaches like public private partnerships (PPPs), among others to mobilise private capital for public healthcare. According to her, longer term outlook indicates that considerable opportunity exists for the private sector to play a viable role in providing affordable healthcare across the country. Lore said,

"IFC is committed to help increase affordable quality healthcare services by financing and facilitating financing for integrated networks. This will support the development of critical healthcare infrastructure and attract private capital into the sector. "We are working with NSIA to boost investment in the healthcare sector and bridge the gap in under supply of quality healthcare in Nigeria."

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