The Bank of Industry (BOI) has reaffirmed its commitment to revitalising Nigeria’s healthcare system by supporting strategic projects that aim to end the country’s reliance on foreign medical treatment and reduce the ongoing brain drain in the health sector.
This assurance was given during an inspection tour of the Nisa Premier Hospital project in Abuja, by the Senate Committee on Industries. The project, a world-class tertiary medical facility, is being supported with funding from the BOI as part of its efforts to strengthen healthcare infrastructure in the country.
Speaking during the visit, Ifeoma Uz’Okpala, Executive Director for Large Enterprises, BOI, described the hospital project as transformational and timely. She noted that the investment aligns with the bank’s vision to curb medical tourism, which cost the country a staggering $11.01 billion between 2010 and 2020.
“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’s 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 said
She emphasised that the hospital was equipped with cutting-edge technology and medical infrastructure comparable to global standards. “Once you step inside, you’ll see why this will make a difference. We are investing heavily in hospitals now, and this is one of our proudest projects,” she added
According to her, data from the Central Bank of Nigeria (CBN) underscores the urgency of this intervention. Olayemi Cardoso, CBN Governor, had revealed that Nigerians spent approximately $40 billion on foreign education and medical treatment between 2010 and 2020, with healthcare expenses accounting for about $11.01 billion of that figure.
She added that the BOI’s intervention in the Nisa Premier Hospital project is part of a broader effort to stimulate industrial growth and human capital development through targeted investments in critical sectors such as health, education, and technology.
Also speaking during the inspection, Francis Fadahunsi, Chairman of the Senate Committee on Industries, lauded the quality and vision of the project. He said the facility has the potential to transform Nigeria into a regional hub for medical excellence.
“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 practicing overseas to return home,” Fadahunsi said.
He also called for the replication of such projects across the country, emphasizing that improved healthcare infrastructure is key to national development.
