The Federal Government and African Export-Import Bank (Afreximbank) have committed to a $1 billion partnership to revolutionise Nigeria’s healthcare sector.
The $1 billion Healthcare Value Chain Programme established through a Memorandum of Understanding between Afreximbank and the Federal Ministry of Health is geared at improving access to quality healthcare, reduce medical tourism, and empower the domestic healthcare workforce.
This initiative falls under the Presidential Initiative for Unlocking Healthcare Value Chains, PVAC, with a view to comprehensively strengthening Nigeria’s healthcare sector.
In a meeting with Afreximbank President, Professor Benedict Oramah, at the Presidential Villa yesterday, President Bola Tinubu said: “We welcome this significant step towards investing in Nigeria’s healthcare sector.
”This facility is a great commitment to humanity. We are open and ready to assist this project in every way possible.”
The President noted that the initiative would reduce the need for outbound medical tourism by providing exceptional care within Nigeria and also stem the tide of healthcare talent migration by fostering a thriving domestic healthcare sector.
On his part, the Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, said: “For too long, our continent has watched as its best and brightest medical minds have migrated to Europe and America.
”But we are now poised to develop a domestic healthcare sector which can retain talent, eventually rivalling and even surpassing systems in other regions.”
The discussions also focused on the transformative potential of the 500-bed African Medical Centre of Excellence, AMCE, Abuja, currently nearing completion and its broader impact on healthcare across the continent.
The AMCE Abuja, the first of five planned across Africa, is poised to become a leading centre for research, clinical services, and medical education.
It will focus on three critical non-communicable diseases – Oncology, haematology, and Cardiology – alongside general care capabilities.
This, coupled with collaborations with global partners, such as King’s College London, the University of Wisconsin Teaching Hospital, and Christies Hospital Manchester, demonstrates a new direction for African healthcare provision.
According to Oramah, AMCE Abuja will not only provide world-class medical services but also serve as a training ground for future generations of healthcare professionals.
“Afreximbank, in collaboration with King’s College London, is establishing a Medical & Nursing School in Abuja to support this mission.
”This initiative, along with partnerships with other medical institutions across Africa, aims to create a sustainable pool of skilled medical personnel within the continent,” he said.
AFC commits $40m to build Africa’s first medical centre of excellence in Abuja
Meanwhile, Africa Finance Corporation, AFC, a leading infrastructure financier, has pledged up to $40 million to support the construction of the first African Medical Centre of Excellence, AMCE, in Abuja.
The 500-bed facility is being developed by the Africa Export-Import Bank (Afreximbank), in partnership with King’s College Hospital, London, KCH, following an agreement reached at the inaugural AMCE African Health Forum in Abuja weekend.
The project is set to strategically leverage KCH’s unmatched diagnostic, clinical, and capacity-building expertise, focusing on three core non-communicable diseases, namely oncology, cardiology, and haematology.
With a commitment to world-class research, education, and development, AMCE aims to establish itself as a leader in clinical services.
The AMCE initiative signals a healthcare revolution in West Africa, aiming to redirect the course of medical tourism away from the continent.
It envisions the creation of a series of world-class medical centres of excellence in Africa, providing widespread access to critical healthcare in the region.
AMCE Abuja, a first-of-its-kind medical treatment and research center, will unfold in four phases over six years.
AFC, as a new shareholder, will play a pivotal role in the initial phase, involving the construction of a 170-bed specialist hospital, set to expand to 500 beds by the third phase.
With construction progress already over halfway complete, the facility is on track to commence operations in the first quarter of 2025.
Samaila Zubairu, AFC President and CEO, expressed the organization’s commitment to transforming healthcare in Africa and contributing to a reversal in medical tourism.
He emphasized the importance of building a world-class facility that captured medical spending in Africa, promotes specialist skills development, and attracts healthcare practitioners to local communities.
Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, lauded AFC’s partnership, emphasizing its significance in addressing Africa’s healthcare infrastructure challenges.
He called for more partners to join this crucial endeavour to revolutionize healthcare in Africa and make a lasting impact on community well-being.