The Bank of Industry (BOI) has reaffirmed its unwavering commitment to transforming Nigeria’s healthcare landscape through strategic investments aimed at curbing the outflow of funds due to medical tourism and reversing the alarming trend of brain drain among healthcare professionals.
In a statement released on July 6, the BOI highlighted the substantial financial burden placed on Nigeria by medical tourism, with billions of naira lost annually as citizens seek medical treatment abroad for conditions that could be effectively managed domestically, given adequate infrastructure and expertise.
The bank further lamented the continuous exodus of skilled healthcare workers, which has severely weakened the nation’s already fragile medical system, underscoring the urgent need for sustainable reforms.
Speaking during a recent inspection of the Nisa Premier Hospital project by the Senate Committee on Industries, Ifeoma Uz’Okpala, Executive Director, Large Enterprises at BOI, emphasised the significance of the initiative, marking a pivotal moment in the bank’s enduring partnership with the healthcare provider.
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The state-of-the-art hospital project, situated in Maitama, is receiving crucial support from the BOI through a development finance facility.
According to Punch, this commitment aligns with recent revelations from the Governor of the Central Bank of Nigeria, Olayemi Cardoso, who disclosed that between 2010 and 2020, Nigerians expended an astonishing $40 billion on foreign education and medical treatment. Of this sum, approximately $11.01 billion was attributed to medical treatment abroad, while foreign education expenses accounted for $28.65 billion.
Uz’Okpala said the Nisa Premier hospital project was transformational, as it would support the local economy by conserving foreign exchange through medical tourism.
She said, “We started funding them when they were just a small clinic.” Today, we are proud to support the development of this world-class tertiary medical facility. It is a project that will not only save foreign exchange by discouraging Nigerians from seeking treatment abroad but also help stem the tide of brain drain.”
She noted that the facility boasts cutting-edge technology and medical infrastructure comparable to international standards.
“Once you step inside, you will see why this will make a difference. We are investing heavily in hospitals now, and this is one of our proudest projects,” he said.
Also speaking, the Chairman of the Senate Committee on Industries, Senator Francis Fadahunsi, commended the hospital’s quality and its potential to position Nigeria as a hub for medical excellence in Africa.
“When completed, this hospital will reverse the trend of medical tourism. Instead of Nigerians going abroad for treatment, we will begin to receive patients from other countries.
“Facilities like this will also encourage Nigerian doctors practising overseas to return home,” he said.
Fadahunsi called for the replication of such projects nationwide, stating that improved infrastructure was crucial to transforming Nigeria’s healthcare sector.
The Bank of Industry’s intervention is viewed as part of a broader effort to boost industrial and human capital development through targeted investments in key sectors.
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Frequently Asked Questions (FAQs) and Answers:
What is the Bank of Industry’s (BOI) main objective regarding Nigeria’s healthcare sector?
The BOI aims to revamp Nigeria’s healthcare sector through targeted investments, aiming to curb medical tourism and stem the tide of brain drain among healthcare professionals, ultimately improving local infrastructure and expertise.
How much does Nigeria lose annually due to medical tourism?
Nigeria loses billions of naira annually to medical tourism as citizens travel abroad for treatments that could be accessed locally if adequate infrastructure and expertise were available.
What is “brain drain” in the context of Nigeria’s healthcare?
Brain drain refers to the exodus of skilled healthcare workers from Nigeria, which further strains the country’s already fragile medical system.
Which specific hospital project is the BOI currently supporting?
The BOI is supporting the Nisa Premier Hospital project, located in Maitama, through a development finance facility.
Who is Ifeoma Uz’Okpala, and what is her role in this initiative?
Ifeoma Uz’Okpala is the Executive Director of Large Enterprises at BOI. She emphasised that the Nisa Premier Hospital project marks a significant milestone in the bank’s relationship with the healthcare provider and will help conserve foreign exchange.
How much did Nigerians spend on foreign medical treatment between 2010 and 2020?
According to former CBN Governor Olayemi Cardoso, Nigerians spent approximately $11.01 billion on medical treatment abroad between 2010 and 2020.
How will the Nisa Premier Hospital project benefit Nigeria’s economy?
The project is expected to support the economy by conserving foreign exchange that would otherwise be spent on medical tourism and by helping to stem the tide of brain drain by providing world-class facilities locally.
What is the long-term vision for healthcare facilities like Nisa Premier Hospital?
The long-term vision is for facilities like Nisa Premier Hospital to not only reverse the trend of Nigerians seeking treatment abroad but also to attract patients from other countries, positioning Nigeria as a hub for medical excellence in Africa and encouraging Nigerian doctors overseas to return home.
Who commended the quality of Nisa Premier Hospital during the inspection?
Senator Francis Fadahunsi, the Chairman of the Senate Committee on Industries, commended the hospital’s quality and its potential to position Nigeria as a hub for medical excellence in Africa.
What broader strategy is the BOI’s intervention a part of?
The BOI’s intervention is part of a broader push to enhance industrial and human capital development through targeted investment in key sectors of the Nigerian economy.