Osinbajo Leads Roundtable on Healthcare Financing
Future Perspectives, the think-tank founded by Nigeria's immediate past Vice President, Prof. Yemi Osinbajo, SAN, GCON, in partnership with the Bill and Melinda Gates Foundation, convened a high-level roundtable on Innovative Financing Models for Africa's Climate-Resilient Healthcare Systems in Lagos on Wednesday, June 10. The hybrid event brought together senior government officials, development finance institutions, investors, capital market leaders, and healthcare executives to tackle persistent financing gaps in Nigeria's health sector.
Only 10-12% of Nigerians Insured
In his opening remarks, Prof. Osinbajo stressed the urgency of rethinking healthcare funding, noting that 'government spending alone can never address the scale of the challenge' and that 'most Nigerians continue to rely on out-of-pocket payments.' He said the roundtable aimed to identify 'practical ways to finance healthcare through innovative and sustainable mechanisms.'
Delivering the keynote address on behalf of the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, Dr. Abdu Mukhtar, National Coordinator of the Presidential Initiative for Unlocking the Healthcare Value Chain, highlighted the depth of the access crisis, stating that 'only 10 to 12 percent of Nigerians have health insurance.' He noted that partnerships with institutions such as Afreximbank and the European Investment Bank are helping to unlock billions in potential investments, but pointed to a structural gap for smaller providers: 'there is a missing middle; many businesses need just $2–5 million to grow, but struggle to access capital.'
Demand-Side Constraints and Collaboration
Dr. Tolulope Adewole, MD/CEO of MedServe, representing the Nigeria Sovereign Investment Authority, argued that 'the bigger problem sits on the demand side,' citing affordability as a key constraint given Nigeria's low-income population. He stressed that 'collaboration is what will take us out of this challenge' and that sustainable projects can attract long-term capital.
Private Capital and Capital Markets Essential
Bolaji Balogun, CEO of Chapel Hill Denham, was direct in his assessment, stating that 'government funding is wholly inadequate, and private capital is essential.' He described healthcare as requiring 'patient, long-term financing,' best channelled through capital markets, which offer 'the deepest pools of capital and transparency investors need.'
Jumoke Olaniyan, Group Chief Strategy Officer at the Nigeria Exchange Group, echoed this position, noting that 'the instruments exist, the framework exists, the structure exists, the need exists,' and that bonds, equity, and structured products are all available to the health sector.
Local Currency Financing and Impact Measurement
Chishamiso Mawoyo, Senior Investment Officer at the International Finance Corporation, emphasised the importance of local currency financing, stating that 'healthcare providers serve local populations, so financing must reflect that reality.'
Ekenem Isichei, Deputy Director at the Gates Foundation, cautioned that 'financing must translate to real impact,' measured in 'lives saved and livelihoods improved,' and urged philanthropy to 'catalyse systems that unlock capital more effectively.'
Call for Actionable Financing Models
Closing the session, Yemi Asekun, co-founder of Future Perspectives, noted that 'capital always follows capacity and management' and called for the roundtable's insights to be translated into actionable financing models, including a potential national healthcare investment platform. The event was moderated by Serah Makka, Executive Director for Africa at ONE and a board member of Future Perspectives.
Meanwhile, Legit.ng previously reported that ex-VP Osinbajo was appointed as a Senior Strategic Advisor to the Director-General of the Africa Centres for Disease Control and Prevention (Africa CDC), to advance the African Health Security and Sovereignty Agenda.
