The Nigeria Sovereign Investment Authority and the International Finance Corporation have signed a $154.1m agreement to scale oncology and diagnostic services across Nigeria, in a move aimed at improving access to quality specialised healthcare and reducing the country’s dependence on medical tourism.
The agreement, signed in Abuja on Wednesday, will see the IFC provide long-term naira-denominated financing to Advanced Medical Services Limited, known as MedServe, the healthcare subsidiary wholly owned by the NSIA. The funding is designed to support the expansion of cancer treatment, advanced diagnostics and cardiac care infrastructure across multiple states.
Under the partnership, the IFC will invest $24.5m, equivalent to about ₦14.2bn, marking its first healthcare investment in Nigeria structured entirely in local currency. The approach is intended to help MedServe expand critical health infrastructure while limiting foreign exchange risks that have historically constrained private investment in the sector.
The funding will enable MedServe to develop modern diagnostic centres, radiotherapy-enabled cancer treatment facilities and cardiac catheterisation laboratories across the country. These centres will be equipped with advanced medical technologies, including CT and MRI scanners, digital pathology laboratories, linear accelerators and cardiac catheterisation equipment, significantly strengthening Nigeria’s capacity for specialised diagnosis and treatment.
MedServe operates a sustainability-focused model that aligns pricing with local income levels, allowing low-income patients to access high-quality oncology and diagnostic care. The expansion is expected to deliver more than a dozen modern healthcare centres nationwide, create about 800 direct jobs and support the training of over 500 healthcare professionals in oncology and cardiology.
The company’s strategy of co-locating facilities within public hospitals is expected to improve capital efficiency, deepen public-private collaboration and provide a scalable model for future private investment in Nigeria’s health sector. For local suppliers, service providers and small businesses within the healthcare value chain, the expansion also presents opportunities for increased demand and job creation.
NSIA Managing Director, Aminu Umar-Sadiq, described the agreement as a major step towards building a sustainable healthcare ecosystem. He said the use of long-tenor naira financing addresses infrastructure gaps while reducing currency risks, making quality diagnostic and cancer care more accessible to underserved communities.
IFC Vice President for Africa, Ethiopis Tafara, said Nigeria’s growing burden of non-communicable diseases presents an opportunity to deploy innovative financing structures that mobilise private capital while ensuring equitable access to care. According to him, the investment aligns with the IFC’s broader goal of supporting resilient health systems that drive inclusive growth across Africa.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, welcomed the initiative but urged the IFC to scale up its support. He described the $24.5m investment as seed financing, noting that Nigeria has the capacity to absorb significantly more funding, particularly given the billions spent annually on medical tourism that could be retained within the local economy if services are available domestically.