Afreximbank Urges Action as Nigeria’s Medical Tourism Bill Hits $1.1 Billion

by Familugba Victor

The African Export-Import Bank (Afreximbank) has disclosed that Nigeria loses approximately $1.1 billion each year to medical tourism, a trend it describes as a significant drain on foreign exchange reserves and a major obstacle to the country’s growth in its healthcare sector.

This was announced by Oluranti Doherty, Managing Director of Export Development at Afreximbank, during the 32nd Annual Meetings of the bank, held in Abuja on June 26.

Doherty noted that Nigeria’s ongoing dependence on foreign medical care is not only hindering investment in domestic healthcare infrastructure but also exerting a broader negative impact on the national economy.

“We had our member countries losing a lot of foreign exchange to medical tourism.

“We just talked about Nigeria, where our medical tourism annually is about $1.1bn. The entire continent is about $7bn just because we can’t help ourselves when we come up with chronic diseases. That’s money that’s going to other economies, building their institutions,” she said.

According to a report by Punch.ng, she stated that the capital flight from Nigeria and other African countries towards medical expenses abroad represents a missed opportunity to invest in critical sectors at home.

She also highlighted the ongoing loss of skilled healthcare workers to foreign countries, further compounding the challenges facing the local medical industry.

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“Another thing we noted was that we were losing a lot of our promising talents.

“The best of talents in the health sector were going out of the continent, working in places such as India, Asia, the Middle East, America, and that often was an issue,” she said.

Doherty said Afreximbank responded to the trend by launching its Health and Medical Tourism Programme in 2012, recognising early the link between healthcare and economic development.

She cited the Africa Medical Centre of Excellence in Abuja as a flagship intervention under the programme.

“Afreximbank was innovative. I call us the innovative financier, the innovative investors. We recognised this part since 2012, and we set about doing something about it,” she said.

The AMCE is a 170-bed facility equipped with state-of-the-art medical technology, including an 18 MeV cyclotron, a three-Tesla MRI, and a 20-bed intensive care unit.

The Bank has committed over $450m to the project.

She said, “Afreximbank had to go where no one has gone before; Afreximbank’s leaders adhered to the dreamers.

“The AMCE aims to provide healthcare services comparable to global standards, not just African standards. I’m talking about global standards. I’m talking about Africans coming up with solutions to challenges.”

She emphasised the urgent need for Nigeria and other African nations to restore public confidence in their domestic healthcare systems, advocating for robust policies that guarantee accessible, high-quality care locally, a critical step toward reversing the outflow of patients seeking treatment abroad.

Stay informed with the latest updates on Nigeria’s travel scene by visiting the Nigeria Tourism News section on Rex Clarke Adventures.

Frequently Asked Questions (FAQs) and Answers

How much money does Nigeria lose annually to medical tourism?

Nigeria loses an estimated $1.1 billion annually to medical tourism, according to the African Export-Import Bank (Afreximbank).

What is the main impact of medical tourism on Nigeria’s economy?

Medical tourism is a significant drain on Nigeria’s foreign exchange reserves and acts as a major impediment to the development of its local healthcare sector. It also represents missed opportunities for domestic investment.

What are the broader consequences of reliance on foreign medical care for African countries?

Beyond the financial drain, reliance on foreign medical care stalls investment in local health infrastructure and contributes to the loss of skilled healthcare workers (brain drain) to other continents. The entire continent loses about $7 billion annually to medical tourism.

What is Afreximbank doing to address medical tourism in Africa?

Afreximbank launched its Health and Medical Tourism Programme in 2012. A flagship intervention under this program is the Africa Medical Centre of Excellence (AMCE) in Abuja, a state-of-the-art 170-bed facility designed to provide global-standard healthcare services.

What is the Africa Medical Centre of Excellence (AMCE)?

The AMCE is a 170-bed medical facility in Abuja, funded by Afreximbank with over $450 million, equipped with advanced technology (like an 18 MeV cyclotron and a three-Tesla MRI) aimed at providing healthcare services comparable to global standards.

What is the long-term goal of Afreximbank’s initiatives in healthcare?

The long-term goal is to rebuild trust in domestic healthcare systems across Nigeria and other African countries, ensuring that quality care is accessible locally to reverse the trend of medical tourism and foster local healthcare development.

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