The Nigeria Sovereign Investment Authority (NSIA) and the International Finance Corporation (IFC) have signed a $154.1 million agreement to expand cancer care across Nigeria.
The deal, sealed in Abuja on Tuesday night, aims to improve access to quality diagnostic and treatment services nationwide.
Under the partnership, the IFC, the private-sector arm of the World Bank Group, will provide naira-denominated financing to Advanced Medical Services Limited (MedServe), NSIA’s healthcare subsidiary.
IFC will contribute $24.5 million (about N14.2 billion) in long-term local currency, marking its first healthcare investment in Nigeria using this approach.
The financing will help MedServe expand diagnostic centres, radiotherapy-enabled cancer facilities, and cardiac catheterisation laboratories. These centres will feature advanced equipment, including CT and MRI scanners, digital pathology labs, linear accelerators, and cardiac catheterisation tools.
Affordable Care and Job Creation
MedServe will provide services at prices suited to local income levels, making cancer care more accessible for low-income patients. The initiative is expected to deliver over a dozen modern centres, create 800 direct jobs, and train more than 500 healthcare professionals in oncology and cardiology. Its co-location with public hospitals strengthens the public-private healthcare system.
NSIA Managing Director, Aminu Umar-Sadiq, said the partnership is a milestone in sustainable, locally anchored healthcare investments. “MedServe’s expansion shows that commercially viable healthcare can also deliver strong development impact,” he said.
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IFC Vice President for Africa, Ethiopis Tafara, said Nigeria’s growing burden of non-communicable diseases is an opportunity to attract private investment while ensuring fair access to quality care.
Finance Minister Wale Edun commended the IFC but called for more support. He described the $24.5 million as seed funding and urged the IFC to increase its contribution. “Nigeria deserves it. We can cope with it,” he said, pointing out the billions spent on medical tourism that could be retained locally.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
