IFC Invests $24.3M to Boost Nigeria's Cancer Care Services

The International Finance Corporation (IFC) has committed $24.3 million in long-term naira financing to support the expansion of MedServe’s diagnostic and specialized healthcare services across Nigeria. This investment was announced by IFC Regional Director Olivier Buyoya during the commissioning of a MedServe diagnostic centre at the University College Hospital (UCH) in Ibadan.

The initiative aims to improve access to advanced medical care and reduce outbound medical tourism. The financing, structured in local currency to mitigate foreign exchange risks, is part of a broader effort to address the growing burden of diseases such as cancer, kidney, and cardiovascular diseases.

Under the first phase, MedServe plans to increase its diagnostic centres from two to 15 and oncology centres from one to four, while establishing three catheterisation laboratories. The program is expected to create over 17,000 jobs and train about 500 Nigerian medical specialists.

This expansion is part of a Federal Government healthcare infrastructure program approved by President Bola Ahmed Tinubu in February 2024.