FCMB Launches ₦20bn Fund for Nigeria's Healthcare Sector

First City Monument Bank (FCMB) has announced a commitment of ₦20 billion to finance private healthcare businesses in Nigeria, addressing a significant funding gap in the sector. This initiative was unveiled during FCMB’s inaugural healthcare summit held in Lagos.

The 20 billion Healthcare Fund will target various healthcare enterprises, including hospitals, clinics, diagnostic centres, pharmaceutical companies, pharmacies, and maternity homes. The financing will facilitate expansion, medical equipment purchases, infrastructure development, working capital, and technology investments.

This initiative aligns with Nigeria's goal to enhance healthcare capacity and increase local production of medicines and medical devices, aiming for 70% local production by 2030 under the Presidential Initiative for Unlocking the Healthcare Value Chain. Yemisi Edun, FCMB Managing Director and Chief Executive Officer, emphasized the importance of patient, affordable, and long-term capital for building a robust healthcare system.

The fund will also include advisory support and partnerships to help healthcare businesses strengthen operations and attract capital, as access to finance remains a major challenge for private healthcare operators, according to Njide Ndili, president of the Healthcare Federation of Nigeria.