NSIA Gets IFC’s Naira-financing to Scale Oncology, Diagnostic Services

By Adedapo Adesanya

International Finance Corporation (IFC), a subsidiary of the World Bank, and the Nigeria Sovereign Investment Authority (NSIA) have partnered to provide Naira-denominated financing to NSIA Advanced Medical Services Limited (MedServe), a wholly owned healthcare subsidiary of the country’s  wealth fund.

Supported by the International Development Association’s Private Sector Window Local Currency Facility, this financing enables MedServe to scale critical healthcare infrastructure while mitigating foreign exchange risks. IFC is a member of the World Bank Group.

The funds will support MedServe’s expansion program to establish diagnostic centers, radiotherapy-enabled cancer care facilities, and cardiac catheterisation laboratories across several Nigerian states.

These centres will feature advanced medical technologies, including CT and MRI imaging, digital pathology labs, linear accelerators, and cardiac catheterisation equipment, thereby enhancing specialised diagnostics and treatment.

MedServe provides sustainable service delivery with pricing that matches local income levels, helping ensure broader access to affordable oncology care for low-income patients.

The initiative will deliver over a dozen modern diagnostic and treatment centers across Nigeria, create 800 direct jobs, and train more than 500 healthcare professionals in oncology and cardiology specialties.

The total project size is $154.1 million, with IFC contributing roughly N14.2 billion ($24.5 million) in long-tenor local currency financing, marking IFC’s first healthcare investment in Nigeria using this structure.

This comes as Nigeria advances its aspirations for Universal Health Coverage. This partnership provides an opportunity to leverage private investment to complement government efforts to expand oncology care and diagnostic services.

IFC’s provision of long-tenor Naira financing addresses a significant market gap and unlocks institutional capital for healthcare infrastructure with strong development upside while MedServe’s co-location strategy with public hospitals maximises capital efficiency and strengthens the public-private ecosystem, establishing a replicable platform for future investment.

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

He added, “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.”

“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,” said Mr Ethiopis Tafara, IFC Vice President for Africa.