NSIA, IFC Partner to Cut $1billion Annual Medical Tourism Spend

The Nigeria Sovereign Investment Authority, NSIA, has partnered with the International Finance Corporation, IFC, to cut the over $1 billion spent on foreign exchange on medical tourism yearly.

The partnership seeks to achieve this by providing health facilities that would cater for the 80 per cent of the $1 billion expended on medical tourism by Nigerians on Oncology,Orthopedic, Urology and Renal or Kidney conditions.

Chief Risk Officer and Executive Director of NSIA, Mrs. Stella Ojekwe-Onyejeli, said at a media briefing after a hospital focused round table event held in Lagos to foster collaboration among health sector operators.

Mrs.Ojekwe-Onyejeli said NSIA is 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.

IFC’s Country Manager for Nigeria, Eme Essien-Lore, said the funding agency is committed to help increase access to affordable quality healthcare services, by financing and facilitating financing for integrated networks which would 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,” she said.

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