The Federal Government has described healthcare as critical economic infrastructure, saying sustained investment in the sector is essential to strengthening human capital, productivity and Nigeria’s long-term economic growth.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this on Monday during the commissioning of the NSIA MedServe Diagnostic Centres in Bauchi and Ibadan under the Nigeria Sovereign Investment Authority’s (NSIA) Healthcare Expansion Programme.
Oyedele said the significance of the projects extended beyond the physical facilities, stressing that a healthy population was better positioned to work, learn and contribute meaningfully to the economy.
He noted that ill-health, on the other hand, imposes significant financial pressure on households through medical expenses, lost income and depletion of savings.
According to him, the projects demonstrate how public capital can be deployed to attract private and development financing into critical sectors of the economy.
“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.”
The minister commended the International Finance Corporation (IFC) and the World Bank Group for supporting the healthcare programme, particularly through long-term local currency financing, which he said was appropriate for assets whose revenues are generated in naira.
He said the financing model could be replicated in other priority sectors, including infrastructure, agriculture, energy and housing.
Oyedele said NSIA’s earlier investments in healthcare had demonstrated the scale of unmet demand for specialised medical services in Nigeria.
He disclosed that the MedServe LUTH Cancer Centre had treated more than 16,700 patients, delivered over 30,000 radiotherapy sessions and 25,000 chemotherapy treatments, while diagnostic centres in Kano and Umuahia had served more than 410,000 patients as of December 2025.
He added that MedServe was currently developing 23 new diagnostic centres nationwide in two phases, including three centres with oncology units and three equipped with cardiac catheterisation laboratories.
The minister said the expansion would bring specialised diagnostic and treatment services closer to Nigerians, reducing the need for patients to travel long distances or seek medical attention outside the country.
He linked the initiative to the Federal Government’s efforts 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,” Oyedele said.
He, however, stressed that Nigeria’s ambition should extend beyond reducing outbound medical tourism to developing a competitive healthcare economy capable of serving Nigerians while also attracting patients from other African countries.
To achieve this, he said the country must sustain investment not only in medical facilities and equipment but also in the human resources and systems required to operate them effectively.
Oyedele emphasised the need to retain and continuously train doctors, nurses, radiographers, laboratory scientists, technicians and other specialised healthcare professionals.
He also called for stronger domestic capacity in medical technology, equipment maintenance and pharmaceutical production.
The minister said the ultimate measure of the success of healthcare investments should not be the number of facilities commissioned, but the quality and sustainability of services delivered.
“The real test is whether the equipment still works in ten years, whether we retain qualified staff, and whether patients are treated with dignity, diagnosed earlier and able to afford the care they receive.”
Oyedele said the healthcare investments were consistent with the broader objective of the Federal Government’s economic reforms, which is to convert macroeconomic stability into productive investment, improved public services and better living standards.
“Macroeconomic stability is not the destination. It is the foundation. We are converting stability into investment, investment into services, and growth into better lives,” he said.
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, healthcare institutions in Ibadan, the IFC and other development partners for contributing to the delivery of the projects.
The Federal Government, he said, would continue to support partnerships capable of mobilising capital, strengthening critical infrastructure and translating economic reforms into measurable improvements in the lives of Nigerians.
