NSIA, IFC Seal $154m Deal To Expand Cancer Care In Nigeria

The Nigeria Sovereign Investment Authority (NSIA) and the International Finance Corporation (IFC) have signed a $154.1m agreement to support the expansion of oncology and diagnostic services across Nigeria.

The deal, sealed in Abuja on Wednesday, aims to enhance access to quality cancer treatment and specialized healthcare services nationwide. Under the partnership, the IFC which is the private sector arm of the World Bank Group will provide naira-denominated financing to Advanced Medical Services Limited (MedServe), NSIA’s wholly owned healthcare subsidiary.

The IFC’s contribution of $24.5m (around ₦14.2bn) in long-term local currency financing marks its first healthcare investment in Nigeria using this structure.

The arrangement is designed to allow MedServe to scale critical infrastructure while mitigating foreign exchange risks.

The funding will enable MedServe to establish state-of-the-art diagnostic centers, radiotherapy-enabled cancer facilities, and cardiac catheterization labs in multiple Nigerian states.

Facilities will feature advanced technologies, including CT and MRI scanners, digital pathology labs, linear accelerators, and cardiac catheterization equipment, improving specialized diagnostics and treatment.

MedServe operates on a sustainable model with pricing aligned to local income levels, ensuring that low-income patients can access high-quality oncology care.

The initiative is expected to deliver over a dozen modern centers nationwide, create 800 direct jobs, and train more than 500 healthcare professionals in oncology and cardiology specialties.

The company’s co-location strategy with public hospitals enhances capital efficiency, strengthens public-private collaboration, and establishes a replicable platform for future investment in the health sector.

NSIA Managing Director, Mr. Aminu Umar-Sadiq, said, “This partnership with IFC represents a milestone in NSIA’s commitment to building a sustainable healthcare ecosystem.

“By deploying long-tenor naira financing, we are addressing infrastructure gaps while reducing foreign exchange risk, making quality diagnostic and cancer care accessible to underserved communities.”

IFC Vice President for Africa, Mr. Ethiopis Tafara, added, “Nigeria’s efforts to tackle rising non-communicable diseases create an opportunity to deploy innovative financing that mobilizes private capital while ensuring equitable access to quality care.

“This aligns with our vision of resilient health systems supporting inclusive growth across Africa.”

The Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, commended the initiative but urged the IFC to increase its support, describing the $24.5m as “seed financing” and highlighting Nigeria’s capacity to absorb much more funding.

“Nigeria deserves it. We can cope with it. Our medical tourism spending runs into billions, so the earnings potential is huge if resources are available locally,” he said.

ENDS