The Health Business Academy and First City Monument Bank have formalised a partnership to empower healthcare entrepreneurs and scale healthcare businesses across Nigeria.
The agreement, signed at a recent Memorandum of Understanding ceremony on Thursday, aims to address gaps in the healthcare sector by providing targeted education, financial literacy, and exclusive financing solutions tailored to the needs of healthcare professionals and startups.
Speaking at the event, Head, Women in Business, FCMB, Nnenna Jacob-Ogogo, explained the rationale behind the partnership, stating, “We are very passionate about the healthcare industry because it is fundamental to Nigeria’s development. Women make up a significant part of this sector, and through this partnership with HBA, we aim to create opportunities that help healthcare entrepreneurs access the right funding and training to grow their businesses sustainably.”
She further noted, “Many startups in healthcare have innovative ideas and products but struggle with scaling due to lack of financial support and business knowledge. FCMB is committed to bridging this gap by offering tailored banking products and subsidised educational programmes.”
The Health Business Academy’s Executive Director, Wale Olajubu, highlighted challenges facing the Nigerian healthcare sector, underscoring the urgency of such collaborations.
He explained, “Currently, only a few of the healthcare professionals in Sub-Saharan Africa receive ongoing professional training. This results in a workforce whose skills do not meet market demands, leading to hospital failures and poor healthcare delivery.
Our partnership with FCMB is designed to tackle these issues head-on by building capacity and enhancing leadership within healthcare businesses.”
In her remarks the former president of HFN and chairman of the bridge clinic, Pamela Ajayi, called on Nigeria to position itself as the healthcare hub of West Africa, citing the country’s skilled workforce and vast opportunities in healthcare innovation.
Ajayi emphasised the urgent need for universal health sovereignty, especially in light of the COVID-19 pandemic, which exposed Nigeria’s heavy reliance on imported medical supplies.
“India is nearly self-sufficient in healthcare production, covering up to 90 per cent of its needs. Nigeria imports between 70 and 90 per cent of its medical supplies. This dependency is risky and limits our potential,” Ahjayi said.
She highlighted the abundance of Nigerian healthcare professionals in the diaspora and urged the country to create an enabling environment to attract them back home, pointing out emerging opportunities in telemedicine, digital health, artificial intelligence, and local pharmaceutical manufacturing.
“Healthcare is essential for our survival. We must leverage public-private partnerships, where the government funds care but the private sector delivers it. This is key to building a resilient healthcare system,” she added.
