Nigeria: Bank Seeks Urgent Solutions to Bridge $30bn Healthcare Financing Gaps

19 September 2022

FSDH Merchant Bank Limited has called for conversations around the urgency of healthcare financing in Nigeria, and the importance of digitization in supporting industry operations.

Studies conducted by International Finance Corporation (IFC) estimated that over the next decade, $25-$30 billion in new investment will be needed to meet Africa's health care demand.

The bank which hosted key healthcare stakeholders to brainstorm sessions noted that healthcare in most of Sub-Sahara Africa remains the worst in the world as few countries in the region are able to spend the $34-$40 a year per person that the World Health Organization considers the minimum for basic health care.

Speaking at the event themed "Financing healthcare in Nigeria," Managing Director of the bank, Mrs. Bukola Smith said that its array of financial solutions could boost revenue and promote financing in the healthcare sector.

While addressing how the bank will impact health businesses and grow the economy, the Group Head of Corporate Banking & Branches, Stella-Marie Omogbai said "FSDH identified the healthcare industry as an area of interest, and we put together a team of doctors and professionals who understand the business of healthcare finance. We set up a health desk manned by some of the most experienced doctors and practitioners and since then, we have gone ahead to finance healthcare projects, support several hospitals, HMOs as well as partnerships with the private and public sectors including the Lagos State Government"

The Hon Commissioner for Health, Lagos state, Prof Akin Abayomi, while delivering his address said that the state government will continue to drive policies to make healthcare and health insurance more accessible and favourable to citizens.

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