Bank of Industry healthcare investment aims to curb medical tourism and brain drain, restoring confidence in Nigeria’s fragile medical system through infrastructure

The Bank of Industry has reaffirmed its commitment to transforming Nigeria’s healthcare landscape. Through strategic financing, the Bank of Industry healthcare investment initiative is expected to reduce the country’s reliance on medical tourism and slow the emigration of health professionals.

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The bank highlighted that Nigeria loses billions of naira annually due to citizens seeking treatment abroad. It believes that if the right facilities were available locally, many of these trips would become unnecessary.

This is why its focus has shifted to funding advanced healthcare infrastructure, like the ongoing Nisa Premier Hospital project in Maitama.

Speaking during an inspection of the hospital by the Senate Committee on Industries, Ifeoma Uz’Okpala, Executive Director, Large Enterprises, at BOI, described the project as a milestone in the bank’s journey with the healthcare provider.

“We started funding them when they were just a small clinic,” she said. “Today, we are proud to support the development of this world-class tertiary medical facility.”

She added that the Bank of Industry healthcare investment would help conserve foreign exchange and attract medical talent back to Nigeria.

The Nisa facility, according to her, is equipped with cutting-edge technology and meets international standards.

Central Bank Governor Olayemi Cardoso had earlier revealed that Nigerians spent over $11 billion on foreign medical care between 2010 and 2020. Uz’Okpala believes projects like this could significantly reduce such figures.

Senator Francis Fadahunsi, Chairman of the Senate Committee on Industries, also praised the hospital. He said its completion could reverse the current trend of medical tourism and position Nigeria as a destination for high-quality care.

“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,” he said.

He further urged for replication of similar projects across Nigeria, stressing that proper infrastructure remains the foundation of a thriving healthcare sector.

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The Bank of Industry healthcare investment forms part of a larger mission to strengthen key industries through smart, impactful financing. With initiatives like this, Nigeria edges closer to medical self-reliance.