For decades, Nigeria’s healthcare sector has been viewed primarily as a social service, heavily reliant on government funding and donor support, which amounts to approximately $4 billion annually. This dependency is further underscored by the country’s low health insurance penetration—less than 5% of Nigerians had coverage as of 2015—highlighting an overwhelming reliance on publicly funded healthcare.
While commendable efforts have been made in strengthening public health infrastructure, a pressing challenge remains: how do we transition from a funding-dependent system to a sustainable, investment-driven health sector? How can healthcare be repositioned not just as an expense but as a catalyst for growth, innovation, and economic development?
Catalizing Private Investment in Healthcare
Recognizing the urgent need for a shift in perspective, the ACIOE Foundation convened the Building Private Health Financing 2030 Summit on March 12, 2025, at BON Hotel, Ikeja. The summit brought together key players from the finance, telecommunications, and development sectors, as well as strategic government agencies, with a clear goal: to drive private sector participation in healthcare financing and develop actionable strategies for transforming the sector.
Unlike many summits that conclude with broad discussions and little follow-through, this event was structured as a solution-driven forum. Iyadunni Olabode, Nigeria & Kenya Director of MSD for Mothers, set the tone in her opening address, emphasizing that the summit was not just another conversation but a deliberate effort to generate concrete, actionable solutions. Mr. Jude Uzowanne, Consultant at ACIOE Foundation, further outlined the vision for private health financing over the next five years, setting a roadmap for the sector’s future.
Key Summit Sessions and Insights
The summit was structured into three critical sessions, each designed to explore different aspects of private health financing:
1. Operators’ Lessons from the Field: Insights from Implementers
This session provided a platform for organizations at the intersection of healthcare and finance to share practical insights and experiences. Each speaker had 15 minutes to present their interventions, impact, and challenges, offering valuable lessons for sector-wide adoption.
Helium Health showcased their FORMOM program, which has successfully unlocked strategic solutions to improve maternal healthcare financing.
mDoc presented innovative models for improving financial inclusion within healthcare.
Wema Bank detailed its robust portfolio of health financing products, highlighting the critical role of banks in shaping the future of healthcare financing.
SCIDaR, represented by Leke Jegede, spotlighted the PACS project, demonstrating how private sector collaboration can lead to substantial financial infusion into the sector. The presentation also showcased the WEMA-SCIDaR health financing product for CPs and PPMVs, illustrating a viable financing model.
2. State Perspective Panel Session: The Government’s Role in Bridging Gaps
Moderated by James Uzonwanne, this panel session featured representatives from Lagos, Ekiti, and Kaduna State Health Insurance Agencies, along with HEFAMAA (Lagos State Health Facility Monitoring and Accreditation Agency).
A key insight from the discussion: Healthcare, much like agriculture, is a sector ripe for investment. Panelists urged private organizations to take a proactive role in financing health initiatives, emphasizing that government alone cannot bridge the funding gaps.
3. Breakout Sessions: Crafting Fit-for-Purpose Strategies
The final session transitioned from discussion to action. Participants were divided into four working groups, each tasked with developing specific strategies tailored to different facets of private health financing:
- Group 1: Patient data and system integration—how technology can enhance financial efficiency in healthcare.
- Group 2: Healthcare operations and financial data availability—improving transparency and access to financial data.
- Group 3: Financial and insurance products—designing health-specific financial instruments.
- Group 4: Banking oversight, data collection, and support—ensuring financial institutions play a stronger role in healthcare investment.
Each group’s spokesperson presented their strategic recommendations, paving the way for concrete follow-up actions.
A Roadmap for the Future
The Building Private Health Financing 2030 Summit laid the foundation for a restructured health financing ecosystem in which the private sector is no longer a bystander but a key driver of innovation and investment. The insights generated will shape policy decisions, inspire new financing models, and foster collaborations that drive long-term change.
As Nigeria moves toward a future where healthcare is not just seen as a necessity but as an economic driver, summits like this serve as critical inflection points. The challenge now is to ensure that the ideas discussed translate into sustained action, investment, and impact.
The question remains: Who will take the lead in making healthcare a profitable, sustainable sector in Nigeria? The private sector holds the answer—and the time to act is now.
