By Foster Obi
Picture L-R ( front row): Aminu Umar – Sadiq, MD & CEO NSIA; Dr Tolulope Adewole, MD / CEO, MedServe; Ethiopis Tafara, Regional VP, Africa (IFC)
L-R (standing behind ): Mr Wale Edun, Honorable Minister of Finance & Co-ordinating Minister of the Economy, Prof. Muhammad Ali Pate; Minister of Health & Social Welfare, and Senator Abubakar Atiku Bagudu, Minister of Budget & Economic Planning at the recently concluded NSIA, MedServe & IFC signing ceremony in Abuja Nigeria.
In a major boost to Nigeria’s healthcare infrastructure, the International Finance Corporation (IFC) and the Nigeria Sovereign Investment Authority’s wholly owned healthcare subsidiary, MedServe have partnered to scale access to quality diagnostic and cancer care services across underserved communities in the country.
Under the partnership, IFC will provide long-tenor, naira-denominated financing to NSIA Advanced Medical Services Limited (MedServe), to support the rollout of modern diagnostic and oncology facilities nationwide.
The financing, supported by the International Development Association’s Private Sector Window Local Currency Facility, is designed to enable MedServe expand critical healthcare infrastructure while mitigating foreign exchange risks that have historically constrained long-term investment in Nigeria’s health sector. IFC is a member of the World Bank Group.
The funds will drive MedServe’s expansion programme, which includes the establishment of diagnostic centres, radiotherapy-enabled cancer treatment facilities, and cardiac catheterisation laboratories across several states. The facilities will be equipped with advanced medical technologies such as CT and MRI imaging, digital pathology laboratories, linear accelerators, and cardiac catheterisation equipment.
MedServe’s model prioritises affordability and sustainability, with pricing structured to reflect local income levels, thereby expanding access to specialised oncology and diagnostic services for low-income and vulnerable patients.
The initiative is expected to deliver more than a dozen modern diagnostic and treatment centres across Nigeria, create about 800 direct jobs, and train over 500 healthcare professionals in oncology and cardiology specialties.
The total project cost is estimated at $154.1 million, with IFC contributing approximately ₦14.2 billion (about $24.5 million) in long-tenor local currency financing. The transaction marks IFC’s first healthcare investment in Nigeria using this local-currency structure.
As Nigeria pursues its Universal Health Coverage goals, stakeholders say modernising healthcare infrastructure remains critical. The IFC-NSIA partnership is expected to leverage private capital to complement government efforts to expand access to cancer care and specialised diagnostics.
By providing long-term naira financing, IFC is addressing a key market gap and unlocking institutional capital for healthcare infrastructure with strong development impact. MedServe’s co-location strategy with public hospitals is also expected to enhance capital efficiency and strengthen public-private collaboration in the health sector.
Speaking on the partnership, the Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, described the initiative as a significant milestone in the Authority’s healthcare agenda.
“This partnership with IFC represents a major step in NSIA’s commitment to strengthening Nigeria’s healthcare ecosystem through sustainable, locally anchored investment solutions,” Umar-Sadiq said. “By deploying long-tenor naira financing, we are addressing critical infrastructure gaps, reducing foreign exchange risk, and ensuring that quality diagnostic and cancer care services reach underserved communities.”
He added that MedServe’s expansion demonstrates NSIA’s belief that commercially viable healthcare investments can deliver strong development outcomes while supporting national health priorities.
On his part, IFC Vice President for Africa, Ethiopis Tafara, said Nigeria’s growing burden of non-communicable diseases underscores the need for innovative financing approaches.
“Nigeria’s focus on tackling the rising prevalence of non-communicable diseases presents a significant opportunity to deploy innovative financing mechanisms that mobilise private capital at scale, while ensuring equitable access to quality care,” Tafara said. “This aligns with IFC’s broader vision for Africa—building resilient health systems that support inclusive growth and long-term development.”
The investment aligns with Nigeria’s Universal Health Coverage Compact and the World Bank Group’s Country Partnership Framework. It also supports the Health Sector Renewal Investment Initiative and the Presidential Initiative for Unlocking the Healthcare Value Chain, both aimed at attracting private healthcare investment and strengthening domestic capacity.
Beyond financing, IFC will provide advisory support to MedServe, including global best practices in patient safety, improved measurement of access among low-income populations, and EDGE certification for green building standards.
Construction under the project is expected to continue through 2026, with the first facilities scheduled to open in the second half of the year. The investment is fully aligned with the Paris Agreement, with a significant portion classified as climate finance.
