Nigeria: FCMB Invests N20bn On Nigeria's Healthcare Businesses
[Daily Trust] Lagos -- First City Monument Bank (FCMB) has invested N20 billion to finance private healthcare businesses in Nigeria, targeting a critical sector in need of affordable, long-term capital.
Lagos — First City Monument Bank (FCMB) has allocated N20 billion to finance private healthcare businesses in Nigeria, aiming to provide a crucial source of long-term capital to the sector. The N20 billion Healthcare Fund was unveiled during the bank's inaugural healthcare summit in Lagos, with plans to support hospitals, clinics, diagnostic centers, pharmaceutical companies, pharmacies, and maternity homes.
The financing will aid expansion, purchase of medical equipment, infrastructure development, working capital, and technology investments. FCMB's Managing Director and CEO, Yemisi Edun, emphasized healthcare as a social imperative and an economic priority, highlighting the importance of capital that is patient, affordable, and long-term.
The fund is part of a broader healthcare financing strategy that includes lending, advisory support, and partnerships to help businesses enhance operations and attract capital. This initiative aligns with Nigeria's goal of increasing local production of medicines and medical devices to 70% by 2030 under the Presidential Initiative for Unlocking the Healthcare Value Chain.
Njide Ndili, President of the Healthcare Federation of Nigeria, noted that access to finance remains a significant challenge for private healthcare operators, but successful funding can lead to strong repayment performance when combined with technical support, capacity-building, and quality standards. The federation, comprising 400 member organizations and 4,000 professionals, will collaborate with FCMB to create a framework for pre-qualifying healthcare facilities and preparing businesses for investment.
The Ministry of State for Health and Social Welfare, led by Iziaq Salako, highlighted increased public funding for healthcare, with N339 billion disbursed through the Basic Healthcare Provision Fund over the past 12 years, and plans to expand coverage to 13,000 primary healthcare centers nationwide. He urged for greater private and public capital mobilization and called on healthcare operators to improve corporate governance, financial reporting, and utilize blended-finance structures for growth.
Written by urgent.news from AllAfrica Health's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
