Why revenue agencies should invest in Nigeria’s healthcare system
A popular African proverb says that, “soup wey sweet, na money kill am.” This could be said to be the antidote to Nigeria’s failing health sector. The sector has recorded little growth over the years compared to her peers in the Western world. Thank God for the private individuals who have made donations to improve the healthcare system in Nigeria, however, the situation in the healthcare system of Nigeria is still a far cry from being at optimal performance.
At the heart of this improvement that Nigerians want to see in the health sector is the government. Nigerians simply want a quality healthcare system and an affordable health care system which can only ultimately be provided by the government. The lack of investments and attention to the health sector has contributed to the decline in the number of medical personnels in the country who have travelled to seek “greener pastures” in other climes.
While highlighting the four key reasons Nigeria is experiencing a shortage in medical personnels, Dr Ola Brown, whose company invests in technology-enabled healthcare businesses, fintech startups as well as public private partnerships (PPP) healthcare infrastructure projects in Africa, opined that it is possible to address this concerns through sustained investments in the healthcare sector.
“In my interaction with people travelling out of the country in recent times, they mentioned some reasons for their decision to relocate, chief among which are: Nigeria does not have the necessary healthcare facilities to take care of their families in a medical emergency and so they are scared; the level of insecurity and constant news of kidnappings in the country; lack of opportunities exemplified by the over 36 per cent unemployment rate in the country; and macro-economic indices like high inflation rate, currency instability and high interest rates,” Brown said.
One must therefore commend the Nigeria Sovereign Investment Authority (NSIA) which manages Nigeria’s Sovereign Wealth Fund for its proactive steps to pump investments into the health sector. The agency is currently investing over $100million to establish a portfolio of 23 diagnostic centres, seven catheterisation labs and two oncology centres across Nigeria.
The NSIA recently announced the launch of two of its flagship companies, namely the NSIA Advanced Medical Service Limited, MedServe, and Equilease Systems Limited, EquiLease. Equilease Systems according to the agency will help to reduce the burden of equipment acquisition by qualified hospitals, medical facilities, and care providers.
With this investment by the NSIA, we can expect an increase in employment of Nigeria’s health sector and in return an impact on the economy.
If every government agency handling public funds for the benefit of the general public can deploy a percentage of their revenue or even partner with health organisations towards the improvement of the health sector just like the NSIA, the journey to reviving Nigeria’s health sector to greatness will take a leap. When we invest in healthcare, we are not just investing in healthcare but in the economy.
