The federal government has described healthcare as critical economic infrastructure, saying investment in the health of Nigerians is also an investment in human capital, productivity and the country’s long term economic growth.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this on Monday, at the commissioning of the NSIA MedServe Diagnostic Centres in Bauchi and Ibadan, respectively, under the Nigeria Sovereign Investment Authority’s (NSIA) Healthcare Expansion Programme.
Key Highlights
- FG describes healthcare as critical economic infrastructure and an investment in human capital.
- Finance Minister Taiwo Oyedele spoke at the commissioning of NSIA MedServe Diagnostic Centres in Bauchi and Ibadan.
- The MedServe LUTH Cancer Centre has treated more than 16,700 patients.
- MedServe is developing 23 new diagnostic centres across the country in two phases.
- Oyedele says the investments will help reduce medical tourism and ease pressure on foreign exchange.
- The IFC and World Bank Group backed the programme with long tenor, local currency financing.
Oyedele said the importance of the investments goes beyond the facilities being commissioned, noting that a healthy population is better able to work, learn and contribute productively to the economy, while illness places a heavy burden on households through medical expenses, lost income and depleted savings.
He said the projects also demonstrate how governments can use public capital to crowd in private and development financing for critical infrastructure.
“Government budgets alone cannot meet Nigeria’s development needs. The question cannot only be how much government spends. It must also be how much private and development capital government can mobilise,” Oyedele said.
The minister commended the International Finance Corporation (IFC) and the World Bank Group for supporting the programme, particularly through long tenor, local currency financing, which he said was well suited to long term assets whose revenues are generated in naira.
According to him, the financing model has the potential for replication across other priority sectors, including infrastructure, agriculture, energy and housing.
MedServe To Develop 23 New Diagnostic Centres
Oyedele said earlier investments by the NSIA in healthcare has demonstrated the scale of unmet demand for specialised medical services in Nigeria.
He noted that the MedServe LUTH Cancer Centre has treated more than 16,700 patients, delivered over 30,000 radiotherapy sessions and 25,000 chemotherapy treatments, while diagnostic centres in Kano and Umuahia have served more than 410,000 patients by December 2025.
He said MedServe is now developing 23 new diagnostic centres across the country in two phases, including three centres with oncology units and three with cardiac catheterisation laboratories.
The minister said the expansion would bring specialised diagnostic and treatment services closer to Nigerians, reducing the burden of travelling long distances for care and, in some cases, seeking treatment outside the country.
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Reducing Medical Tourism
He linked the investment to the federal government’s broader effort to reduce medical tourism and retain more economic value within Nigeria.
“Every procedure performed at home keeps value, jobs and expertise in our economy and eases pressure on foreign exchange,” he said.
Oyedele, however, stressed that Nigeria’s ambition should go beyond reducing outbound medical tourism to building a competitive healthcare economy capable of serving patients within Nigeria and attracting patients from across Africa.
He said this would require sustained investment not only in buildings and medical equipment, but also in the people and systems needed to operate them effectively.
According to him, Nigeria must retain and continuously develop doctors, nurses, radiographers, laboratory scientists, technicians and other specialised healthcare professionals, while also building domestic capacity in medical technology, equipment maintenance and pharmaceutical production.
He said the success of the investments should ultimately be judged by the outcomes they deliver, rather than the number of facilities commissioned.
The minister said the investments are consistent with the broader objective of the federal government’s economic reforms, which is to translate macroeconomic stability into productive investment, improved public services and better living standards.
He congratulated the NSIA and MedServe teams, the Federal Ministry of Health and Social Welfare, the Bauchi and Oyo State governments, Abubakar Tafawa Balewa University Teaching Hospital, the relevant healthcare institutions in Ibadan, the IFC and other partners for delivering the projects.
The federal government reaffirmed its commitment to partnerships that mobilise capital, strengthen critical infrastructure and turn economic reforms into measurable improvements in the lives of Nigerians.
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