The Nigerian government is considering the establishment of a specialized financial institution, dubbed the “Bank of Health,” to support the country’s healthcare sector. According to the Secretary to the Government of the Federation, George Akume, the proposal was raised by the chairman of Everbright Diagnostics during the laboratory’s 20th-anniversary celebration. Akume expressed his support for the idea, stating that he would present a memo to President Bola Tinubu for consideration.
The proposed Bank of Health aims to address the persistent challenges facing Nigeria’s healthcare sector, including underfunding, high-interest loans for medical providers, and a significant brain drain of healthcare professionals. The institution would provide long-term, single-digit financing for credible healthcare providers, enabling them to access affordable credit and invest in much-needed infrastructure.
The chairman of Everbright Diagnostics, Dr. Everest Okpara, argued that the creation of a Bank of Health is both necessary and achievable, citing the existence of similar sector-specific financial institutions, such as the Bank of Industry and the Bank of Agriculture. He emphasized that the proposed institution would help reduce capital flight, encourage medical professionals to remain in the country, and transform the current brain drain into a “brain gain.”
The Nigerian government has expressed its commitment to strengthening the country’s health system through policies that promote local capacity, expand access to quality care, and support institutions contributing to national development. The proposed Bank of Health is seen as a key component of this effort, with the potential to make a significant impact on the country’s healthcare landscape.
Nigeria’s healthcare sector faces numerous challenges, including inadequate funding, outdated infrastructure, and a shortage of skilled healthcare professionals. The establishment of a dedicated financial institution could help address these issues, enabling healthcare providers to invest in modern equipment, training, and facilities. With the government’s support, the proposed Bank of Health could play a crucial role in transforming Nigeria’s healthcare sector and improving the overall well-being of its citizens.
