IFC, NSIA boost cancer care with $154m lifeline

The International Finance Corporation, a member of the World Bank Group, and the Nigeria Sovereign Investment Authority have agreed to invest about $154.1 million to expand cancer treatment and modern diagnostic services for communities across Nigeria that currently lack access to quality healthcare.

The project, which will be carried out through NSIA’s healthcare subsidiary, NSIA Advanced Medical Services Limited (MedServe), includes a major contribution from the IFC of about ₦14.2 billion, or $24.5 million, in long-term naira financing. 

This marks the first time the IFC is supporting a healthcare project in Nigeria using this kind of local currency funding, which helps reduce the risk that comes from changes in foreign exchange rates.

According to details of the partnership, the investment will lead to the establishment of more than a dozen modern diagnostic and treatment centres in different parts of the country. 

These centres are expected to create about 800 direct jobs and provide specialised training for over 500 healthcare workers in areas such as cancer care and heart treatment.

The goal of the project is to improve access to reliable and affordable diagnostic and oncology services, especially for people in low-income and underserved communities who often struggle to get timely medical attention.

Under the arrangement, the IFC will provide naira-based financing to MedServe, with support from the International Development Association’s Private Sector Window Local Currency Facility. This structure allows the healthcare company to expand its facilities while avoiding the heavy burden that can come from borrowing in foreign currencies.

The expansion plan includes setting up diagnostic centres, radiotherapy-equipped cancer treatment facilities, and cardiac catheterisation laboratories in several states. 

These centres will be fitted with modern medical equipment such as CT and MRI scanners, digital pathology laboratories, linear accelerators for cancer treatment, and advanced heart care machines.

MedServe said its services are designed to be sustainable and affordable, with pricing that reflects the income levels of local communities, making it easier for low-income patients to access life-saving care.

Speaking on the partnership, the Managing Director and Chief Executive Officer of the Nigeria Sovereign Investment Authority, Aminu Umar-Sadiq, described the initiative as a major step towards building a stronger healthcare system in the country.

“This partnership with IFC represents a significant milestone in NSIA’s commitment to strengthening Nigeria’s healthcare ecosystem through sustainable, locally anchored investment solutions,” Umar-Sadiq said.

“By deploying long-tenor 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,” he added.

The IFC Vice President for Africa, Ethiopis Tafara, said Nigeria’s growing challenge with non-communicable diseases presents an opportunity to bring in private sector funding in a way that also promotes fairness in access to healthcare.

“Nigeria’s focus on addressing the rising prevalence of non-communicable diseases presents a significant opportunity to deploy innovative financing mechanisms capable of mobilizing private capital at scale, while ensuring equitable access to quality care,” Tafara said.

“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,” he added.

The IFC said the investment supports Nigeria’s drive for Universal Health Coverage and fits into the World Bank Group’s Country Partnership Framework, as well as national programmes aimed at strengthening the healthcare value chain and attracting private investment into the health sector.

Beyond funding, the IFC will also provide advisory support to help MedServe improve its operations. This includes guidance on patient safety, measuring how well low-income groups are being served, and meeting international green building standards.

Construction of the new facilities is expected to continue through 2026, with the first centres projected to open in the second half of the year, bringing modern diagnostic and cancer care closer to communities that have long been underserved.