The NSIA: Nigeria Sovereign Investment Authority (NSIA) has secured a financing package from the IFC - International Finance Corporation, the private-sector arm of the World Bank Group, to expand advanced healthcare services across Nigeria.
IFC is providing an A-loan of up to US$24.3 million (equivalent in Nigerian Naira), supported by a cross-currency swap facility from the IDA20 Private Sector Window Local Currency Facility (IDA PSW LCF). This naira-denominated financing helps mitigate foreign exchange risks and marks IFC's first healthcare investment in Nigeria using this structure.
The funding will go to NSIA Advanced Medical Services Limited (MedServe), a wholly owned subsidiary of NSIA established in 2022 through its healthcare platform, the Nigeria Health Development and Investment Company (NHDIC). MedServe will use the proceeds to roll out a major expansion project focused on improving access to diagnostic and specialized treatment services, particularly for cancer and cardiac care in underserved communities.
The initiative involves establishing:
- 13 new modern medical diagnostic centers
- 3 oncology (cancer) centers with radiotherapy capabilities,
- 3 catheterization laboratories for cardiology services.
The total project cost is estimated at US$154.1 million, with NSIA and its sponsors contributing US$129.8 million in equity. The IFC debt package covers the balance. These facilities will be deployed across 13 states: Akwa-Ibom, Bauchi, Delta, Enugu, Kaduna, Kwara, Oyo, Lagos, Plateau, Rivers, Sokoto, Yobe, and the Federal Capital Territory.
Building on a successful five-year pilot that included one oncology center and two diagnostic centers co-located within public hospitals, this project forms the first phase of a broader plan to deliver 23 diagnostic centers, 3 oncology centers, and 7 catheterization labs nationwide across Nigeria's six geopolitical zones.\
The investment is complemented by two IFC advisory services engagement to assist MedServe expand health access to the poor and vulnerable. This would include a framework for assessing and strengthening the impact of MedServe’s oncology service on a sustainable basis. IFC says it will also support and guide MedServe in enhancing health quality; and attaining Excellence in Design for Greater Efficiencies (EDGE) certification (green building) for the 13 new health centers included in the Project.
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