The Nigeria Sovereign Investment Authority (NSIA) and the International Finance Corporation (IFC) have signed a $154.1 million financing agreement to expand oncology, diagnostic, and advanced medical services across Nigeria, aimed at improving access to quality healthcare, particularly for underserved communities.
The partnership, signed in Abuja, will see IFC provide long tenor, naira-denominated financing to NSIA Advanced Medical Services Limited (MedServe), a wholly owned healthcare subsidiary of the NSIA.
The initiative is designed to strengthen Nigeria’s healthcare infrastructure while mitigating foreign exchange risks that have historically constrained private investment in the sector.
Under the arrangement, IFC will contribute approximately $24.5 million, equivalent to about ₦14.2 billion, in local currency financing, supported by the International Development Association’s Private Sector Window Local Currency Facility.
This marks IFC’s first healthcare investment in Nigeria structured entirely in naira and forms part of the broader $154.1 million nationwide expansion programme.
The funding will enable MedServe to establish more than a dozen modern diagnostic and treatment centres across several states. These include radiotherapy enabled cancer care facilities, advanced diagnostic hubs, and cardiac catheterisation laboratories.
The centres will be equipped with cutting edge medical technologies such as CT and MRI scanners, digital pathology laboratories, linear accelerators, and cardiac catheterisation equipment.
MedServe’s operating model includes co-locating facilities within or near public hospitals, a strategy expected to maximise capital efficiency, strengthen public private collaboration, and create a scalable platform for future healthcare investments.
Speaking at the signing ceremony, the Managing Director and Chief Executive Officer of NSIA, Aminu Umar Sadiq, described the partnership as a major milestone in the authority’s healthcare agenda.
“By deploying long tenor naira financing, we are addressing critical infrastructure gaps while reducing foreign exchange risk and ensuring that quality diagnostic and cancer care services are accessible to underserved communities.
“This expansion underscores our belief that commercially viable healthcare investments can deliver strong development impact while supporting national health priorities,” he said.
Also speaking, IFC Vice President for Africa, Ethiopis Tafara, said Nigeria’s rising burden of non communicable diseases presents an opportunity for innovative financing solutions capable of mobilising private capital at scale without compromising equity in access to care.
“Our ambition aligns with a broader vision for Africa, where resilient health systems and inclusive growth reinforce each other to deliver long term impact,” he noted.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, while commending IFC for the initiative, described the contribution as a starting point and urged the institution to scale up its investment.
“We see this as seed financing. Nigeria has the capacity to absorb much more. Our medical tourism spending runs into billions of dollars, and with adequate investment, those resources can be retained locally,” the minister said.
Beyond infrastructure development, the project is expected to create about 800 direct jobs and facilitate the training of over 500 healthcare professionals in oncology and cardiology specialties.
MedServe’s service delivery model prioritises affordability, with pricing tailored to local income levels to ensure broader access for low income patients.