Nigeria is losing about $1 billion every month due to citizens seeking medical care abroad, contributing to a total of $2.4 trillion lost annually across Africa in terms of GDP. This was revealed by Mr. Babatunde Omilani, Head of the African Development Bank (AfDB) Mission to Nigeria, during a visit to Lagos State Governor, Babajide Sanwo-Olu, at the Lagos House in Marina.
Omilani emphasized AfDB’s commitment to supporting Lagos in transforming its healthcare system and helping Nigeria curb the financial drain caused by medical tourism. He shared that the AfDB had spent 10 days in Lagos assessing the state’s medical facilities and identifying areas where improvements are needed.
“We are here to help Lagos evolve into a 21st-century economy, and health is crucial to that transformation,” Omilani said. He also highlighted that poor healthcare investment has led to massive economic losses, not just for Nigeria, but for the entire African continent.
The AfDB’s strategy aligns with the Lagos State government’s vision of overhauling its health sector. Omilani mentioned the bank’s readiness to provide technical assistance and concessional financing to bridge funding gaps and boost healthcare productivity, which could significantly impact the state’s economic growth.
Governor Sanwo-Olu welcomed the partnership, emphasizing Lagos’s readiness to collaborate with the AfDB on this crucial mission. He assured that the state would play its part in making the project a success, describing it as a partnership rather than merely seeking help.
“We are business ready, financing ready, and process ready. We see this as a partnership and are committed to playing our part,” Sanwo-Olu stated.
