BOI backs health sector to end medical tourism, brain drain

The Bank of Industry has restated its commitment to revamping Nigeria’s healthcare sector through targeted investments that will curb medical tourism and stem the tide of brain drain among health professionals.

In a statement released on Sunday, the bank noted that Nigeria continues to lose billions of naira annually to medical tourism, as citizens travel abroad for treatments that could be accessed locally if the right infrastructure and expertise were available.

It added that the exodus of healthcare workers has further strained the country’s already fragile medical system, calling for urgent, sustainable reforms.

Speaking during an inspection of a Nisa Premier Hospital project by the Senate Committee on Industries, the Executive Director, Large Enterprises, at BOI, Ifeoma Uz’Okpala, said the initiative marks a significant milestone in the bank’s long-standing relationship with the healthcare provider.

The hospital project, located in Maitama, is being supported by the bank through a development finance facility.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, had revealed that between 2010 and 2020, Nigerians spent about $40bn on foreign education expenses and medical treatment abroad.

While foreign education expenses amounted to $28.65bn, the CBN governor said medical treatment abroad incurred around $11.01bn.

Uz’Okpala said the Nisa Premier hospital project was transformational as it would support the economy in the area of conserving foreign exchange due to medical tourism.

She said, “We started funding them when they were just a small clinic,” she said. “Today, we are proud to support the development of this world-class tertiary medical facility. It is 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.”

Uz’Okpala noted that the facility boasts cutting-edge technology and medical infrastructure comparable to international standards.

“Once you step inside, you will see why this will make a difference. We are investing heavily in hospitals now, and this is one of our proudest projects,” he said.

Also speaking, the Chairman, Senate Committee on Industries, Senator Francis Fadahunsi, commended the quality of the hospital and its potential to position Nigeria as a hub for medical excellence in Africa.

“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 practising overseas to return home,” he said.

Fadahunsi called for the replication of such projects across the country, stating that improved infrastructure was key to transforming Nigeria’s healthcare sector.

The Bank of Industry’s intervention is seen as part of a broader push to enhance industrial and human capital development through targeted investment in key sectors.

Source:- Punch