…target underseved Nigerian communities
By Emma Ujah, Abuja Bureau Chief
The Nigeria Sovereign Investment Authority (NSIA) and the International Finance Corporation (IFC) have signed a $154.1 million deal to fund the expansion of Oncology Centres across Nigeria.
The partnership which was sealed , last night, in Abuja, was to strengthen access to quality diagnostic and cancer care services in varoius parts of ghe country.
Through the partnership, the IFC, (the Private sector window of the World Bank Group) would provide naira-denominated financing to Advanced Medical Services Limited (MedServe), a wholly owned healthcare subsidiary of the NSIA.
The IFC would contribute about $24.5 million (about N14.2 billion) in long-tenor local currency financing, marking IFC’s first healthcare investment in Nigeria, using this structure.
The financing would enable MedServe to scale critical healthcare infrastructure while mitigating foreign exchange risks.
With the funds, MedServe would vigorously pursue its expansion programme to establish diagnostic centers, radiotherapy-enabled cancer care facilities, and cardiac catheterization laboratories across several Nigerian states.
These centers would feature advanced medical technologies, including CT and MRI (Computed Tomography and Magnetic Resonance Imaging), digital pathology labs, linear accelerators, and cardiac catheterization equipment, enhancing the provision of specialized diagnostics and treatment.
MedServe provides sustainable service delivery with pricing designed to match local income levels, helping ensure broader access to affordable oncology care for low-income patients.
The initiative is expected to deliver over a dozen modern diagnostic and treatment centers across Nigeria, create 800 direct jobs, and train more than 500 healthcare professionals in oncology and cardiology specialties.
MedServe’s co-location strategy with public hospitals maximizes capital efficiency and strengthens the public-private ecosystem, establishing a replicable platform for future investment.
In his remarks at the deal signing event, the Managing Director (MD) of the NSIA Mr. Aminu Umar-Sadiq said, “This partnership with IFC represents a significant milestone in NSIA’s commitment to strengthening Nigeria’s healthcare ecosystem through sustainable, locally anchored investment solutions.
“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.
“MedServe’s expansion underscores our belief that commercially viable healthcare investments can deliver strong development impact while supporting national health priorities.”
Also speaking, the IFC Vice President for Africa, Mr. Ethiopis Tafara said, “Nigeria’s focus on addressing the rising prevalence of non‑communicable diseases presents a significant opportunity to deploy innovative financing mechanisms capable of mobilizing private capital at scale, while ensuring equitable access to quality care.
“This ambition is consistent with our broader vision for Africa, one where resilient health systems and inclusive growth reinforce each other to deliver long‑term impact across the continent.”
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who commended the IFC for the facility pointed out that its contribution was, however, too little for a country like Nigeria.
The minister said that Nigeria would consider the $24. 5 million contribution of the IFC as seed money and urged the organisation to provide much more for the programme, arguing that the nation has the capacity to absorb much more.
His words, “We will see that as some kind of a pilot seed financing. Come with the real money. Nigeria deserves it. We can cope with it. And as you can see, our medical tourism spending is in the billions, so the earnings are going to be in the billions, provided we have the resources here.
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