By Bassey Udo
To make quality diagnostic and cancer-care services more accessible to underserved communities across the country, the Nigeria Sovereign Investment Authority (NSIA) and a member of the World Bank Group, the International Finance Corporation (IFC), are partnering to provide financing for specialized medical services.
The Naira-denominated financing scheme is being undertaken through the NSIA Advanced Medical Services Limited (MedServe), a wholly owned healthcare subsidiary of NSIA.
Supported by the International Development Association’s Private Sector Window Local Currency Facility, the NSIA said the financing arrangement would enable MedServe to scale critical healthcare infrastructure at strategic locations across the country, while mitigating foreign exchange risks.
The funds, the NSIA said, would support MedServe’s expansion programme to establish diagnostic centres, radiotherapy-enabled cancer care facilities, and cardiac catheterization laboratories across several states of the federation.
These centres, the sovereign wealth agency said, would feature advanced medical technologies, including CT and MRI imaging, digital pathology labs, linear accelerators, and cardiac catheterization equipment to enhance 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 NSIA said at the agreement signing ceremony between NSIA and the IFC on Tuesday in Abuja.
The partnership initiative, which NSIA said represents a significant milestone in scaling access to quality healthcare in Nigeria, would help deliver over a dozen modern diagnostic and treatment centres nationwide.
Also, the arrangement would result in the creation of about 800 direct jobs, while training more than 500 healthcare professionals in oncology and cardiology specialties.
In terms of total project size, NSIA said the initiative would involve about $154.1 million, with the IFC contributing roughly ₦14.2 billion ($24.5 million) in long-tenor local currency financing, marking its first healthcare investment in Nigeria using the Medserve financing structure.
As Nigeria advances its Universal Health Coverage aspirations, modernizing healthcare remains a priority. This partnership provides an opportunity to leverage private investment to complement government efforts to expand oncology care and diagnostic services.
IFC’s provision of long-tenor Naira financing, the NSIA noted, would address a significant market gap and unlock institutional capital for healthcare infrastructure with strong development upside.
Besides, MedServe’s co-location strategy with public hospitals would provide an additional advantage of maximizing capital efficiency and strengthening the public-private ecosystem, establishing a replicable platform for future investment.
“This partnership with IFC represents a significant milestone in NSIA’s commitment to strengthening Nigeria’s healthcare ecosystem through sustainable, locally anchored investment solutions,” said the Managing Director/Chief Executive Officer of NSIA, Aminu Umar-Sadiq, said at the agreement signing ceremony.
“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.”
For IFC Vice President for Africa, Ethiopis Tafara, 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 IFC’s broader vision for Africa, one where resilient health systems and inclusive growth reinforce each other to deliver long‑term impact across the continent,” Tafara said.
He said the partnership would bring quality healthcare closer to people — earlier, more affordably, and more equitably, reflecting IFC’s shared belief that access to healthcare should not depend on where one lives or how much one earns.
The partnership with NSIA and MedServe, he said, would fundamentally strengthen Nigeria’s healthcare system, as the growing burden of non-communicable diseases in Nigeria and across Africa calls for solutions that combine public leadership, private sector innovation, and long-term investment.
The private sector, he said, has a critical role to play; not just in expanding infrastructure, but in improving quality, efficiency, and affordability.
He said through IFC’s investment of the Naira equivalent of $24 million, the corporation was supporting MedServe to scale diagnostic and treatment capacity across multiple states in the federation.
“Beyond financing, our upstream and advisory support will help strengthen MedServe’s business model to sustainably reach lower-income and vulnerable patients, while embedding international standards in quality, patient safety, and green building practices.
“Through a joint World Bank–IFC advisory effort, we are supporting the Government of Nigeria with evidence and policy options to address the growing impact of non-communicable diseases on households, especially the poorest, so that progress toward better health leaves no one behind,” Tafara said.
He disclosed that the IFC has so far invested in healthcare for more than two decades, with over $3 billion committed globally and more than $700 million in Africa.
The partnership with NSIA and MedServe, he said, would strengthen diagnosis and treatment capacity in Nigeria, by improving access to quality care across West Africa—helping address diseases that are often silent, but deeply consequential.
With MedServe’s expansion expected to create over 1,700 jobs, while NSIA’s commitment to training 500 specialized medical professionals, he said these would help build a pipeline of expertise that Nigeria can rely on for years to come.
“Our hope is that this partnership becomes a catalyst—for more investment, more innovation, and ultimately, more lives saved,” he said.
The investment in the partnership with NSIA, Tafara noted, aligns with Nigeria’s Universal Health Coverage compact and the World Bank Group’s Country Partnership Framework.
Besides, he said the initiative supports the Health Sector Renewal Investment Initiative and the Presidential Initiative for Unlocking the Healthcare Value Chain, which prioritize attracting private healthcare investment and strengthening domestic capacity.
Beyond financing, he said IFC would offer advisory support services to enhance MedServe’s operational capacity, including global best practices in patient safety, expanded measurement of access among low-income groups, and EDGE certification for green building standards.
The project is fully aligned with the Paris Agreement, with a substantial portion of investment classified as climate finance, with construction expected to continue through 2026, with first facilities scheduled to open in the second half of the year.
