Under the partnership, the IFC — the private sector arm of the World Bank Group — will provide naira-denominated financing to Advanced Medical Services Limited (MedServe), a wholly owned healthcare subsidiary of the NSIA. The financing structure is notable for being IFC’s first healthcare investment in Nigeria using local currency funding.
Naira Financing to Shield Against FX Risk
The IFC will contribute $24.5 million (approximately ₦14.2 billion) in long-tenor local currency financing, enabling MedServe to expand its healthcare infrastructure while mitigating foreign exchange risk. The move reflects a growing trend in development finance to deploy local currency solutions that strengthen project sustainability and protect investors from currency volatility.
Expanding Access to Diagnostic and Cancer Treatment
The funds will support MedServe’s ambitious expansion programme, which includes the establishment of diagnostic centres, radiotherapy-enabled cancer treatment facilities, and cardiac catheterization laboratories across multiple states. The centres will feature modern medical technologies such as CT and MRI scanners, digital pathology labs, linear accelerators, and cardiac catheterization equipment.
MedServe’s model focuses on affordability and sustainability, offering pricing structures designed to match local income levels. This approach is intended to ensure that low-income patients have access to quality oncology services, reducing the need for expensive medical tourism abroad.
A Nationwide Impact
The initiative is expected to deliver over a dozen modern diagnostic and treatment centres across Nigeria, create approximately 800 direct jobs, and train more than 500 healthcare professionals in oncology and cardiology specialties. The expansion will also strengthen Nigeria’s public-private healthcare ecosystem through MedServe’s co-location strategy with public hospitals, optimizing capital efficiency and enabling scalable investment.
Statements from NSIA and IFC Leadership
At the signing event, NSIA Managing Director Aminu Umar-Sadiq described the partnership as a landmark achievement in Nigeria’s healthcare financing landscape. He highlighted the importance of locally anchored investment solutions that address critical infrastructure gaps while reducing foreign exchange risk.
“This partnership with IFC represents a significant milestone in NSIA’s commitment to strengthening Nigeria’s healthcare ecosystem through sustainable, locally anchored investment solutions,” Umar-Sadiq said. He added that the expansion demonstrates that commercially viable healthcare investments can deliver strong development impact while supporting national health priorities.
IFC Vice President for Africa Ethiopis Tafara also emphasised the importance of innovative financing mechanisms to address the rising burden of non-communicable diseases in Nigeria.
“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,” Tafara said.
Finance Minister Calls for Greater Investment
While commending the IFC’s support, Nigeria’s Finance Minister and Coordinating Minister of the Economy, Wale Edun, described the $24.5 million contribution as “seed money.” He urged the IFC to increase its investment, arguing that Nigeria has the capacity to absorb larger funding to accelerate the expansion of quality healthcare services.
“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,” the minister said, adding that Nigeria’s medical tourism spending runs into billions of dollars, underscoring the economic potential of strengthening domestic healthcare capacity.