Abdulwahab Isa 
The International Finance Corporation (IFC), in collaboration with the Nigeria Sovereign Investment Authority (NSIA), on Tuesday entered into a partnership agreement to expand diagnostic, oncology and cardiac care services across underserved communities in Nigeria.
Signed in Abuja, the project, which cost $154.1 million, IFC contributing roughly ₦14.2 billion ($24.5 million) in long-tenor local currency financing, the agreement marks IFC’s first healthcare investment in Nigeria using this structure.
Speaking on the project, the Managing Director & Chief Executive Officer of NSIA, Mallam Aminu Umar-Sadiq, described the partnership with IFC as a significant milestone in NSIA’s commitment to strengthening Nigeria’s healthcare ecosystem through sustainable, locally anchored investment solutions.
“By deploying long-term naira financing, we are addressing critical infrastructure gaps while reducing foreign exchange risk and ensuring that quality diagnostic and cancer care services are accessible to underserved communities.
MedServe’s expansion underscores our belief that commercially viable healthcare investments can deliver strong development impact while supporting national health priorities,” the NSIA boss said.
In a remark by the IFC Vice President for Africa, Mr Ethiopis Tafara, he said the project represents the Corporation’s consistent belief in Africa’s well-being.
“Nigeria’s focus on addressing the rising prevalence of non‑communicable diseases presents a significant opportunity to deploy innovative financing mechanisms capable of mobilising private capital at scale, while ensuring equitable access to quality care.
“This ambition is consistent with our broader vision for Africa, one where resilient health systems and inclusive growth reinforce each other to deliver long‑term impact across the continent”.
Supported by the International Development Association’s private sector window local currency facility, the financing enables MedServe to scale critical healthcare infrastructure while mitigating foreign exchange risks. IFC is a member of the World Bank Group.
The funds will support MedServe’s expansion program to establish diagnostic centres,radiotherapy-enabled cancer care facilities, and cardiac catheterisation laboratories across several Nigerian states.
The centres will feature advanced medical technologies, including CT and MRI imaging, digital pathology labs, linear accelerators, and cardiac catheterisation equipment, enhancing the provision of specialised diagnostics and treatment.
The initiative will deliver over a dozen modern diagnostic and treatment centres across Nigeria, create 800 direct jobs, and train more than 500 healthcare professionals in oncology and cardiology specialities.
The project aligns with the Paris agreement, with a substantial portion of investment classified as climate finance.
“Construction will continue through 2026, with the first facilities expected to open in the second half of the year”, according to the agreement.
