Afreximbank and Africa Finance Corp invest $40 million in new Nigerian Health Centre.

Africa Finance Review

Feb 23, 2024 — 1 min read

Photo by Hush Naidoo Jade Photography / Unsplash

African Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank), in close collaboration with King’s College Hospital, London, have invested $40 million in The African Medical Centre of Excellence, Abuja (AMCE Abuja).

Why is this important: Nigeria's healthcare infrastructure remains underdeveloped, with poor healthcare compensation and a lack of skilled professionals. The opportunity across this industry is reflected in its population growth rate of 3.2% annually, where demand for medical services is relatively high, leading to outbound medical tourism. The country loses at least $2 billion yearly to medical tourism, mainly to India according to the Nigerian Medical Association (NMA), while existing medical services and hospitals remain underfunded.

The bottom line: To modernise and expand Nigeria's services to world standard with specialist hospitals and diagnostic centres, impactful investors like the Africa Finance Corp are required. Such investment will reduce the outflow and position the country to receive medical tourists from other African countries and save the country the foreign currency it needs.

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Ecobank Repays $500Million 5-Year Eurobond Debt.

Egypt Receives $820 Million From IMF's Extended Fund Facility (EFF) Deal.

Kenya: The Rise of Rutonomics

Ghana Yet To Restructure $13 Billion Debt with International Bondholders