“We need innovative mechanisms to finance healthcare systems” – Former VP Osinbajo
Former Vice President of Nigeria, Prof. Yemi Osinbajo, has called for innovative healthcare financing models to help address the country’s growing healthcare funding challenges, saying government spending alone cannot meet the sector’s needs.
Speaking at a high-level roundtable organised by Future Perspectives, in partnership with the Gates Foundation, Osinbajo stressed the need for sustainable financing solutions to improve access to quality healthcare across Nigeria. The event was held in Lagos on June 10, 2026, and brought together government officials, development finance institutions, investors, healthcare executives and capital market leaders.
According to Osinbajo, most Nigerians still rely heavily on out-of-pocket payments for medical care, making it necessary to explore new funding approaches.
“Government spending alone can never address the scale of the challenge,” he said, adding that the objective of the dialogue was to identify practical and sustainable ways of financing healthcare.
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 (PVAC), said only between 10 and 12 per cent of Nigerians currently have health insurance.
He revealed that partnerships involving institutions such as Afreximbank and the European Investment Bank are helping to unlock billions of dollars in potential healthcare investments. However, he noted that many small and medium-sized healthcare providers still struggle to access funding.
“There is a missing middle,” Mukhtar said. “Many businesses need just $2–5 million to grow, but struggle to access capital.”
Representing the Nigeria Sovereign Investment Authority (NSIA), Dr. Tolulope Adewole said affordability remains one of the biggest barriers to healthcare access in Nigeria, adding that stronger collaboration among stakeholders is essential for attracting long-term investment.
From the investment community, AfyA Care Managing Director and Chief Executive Officer, Dapo Akisanya, argued that healthcare can become a profitable and scalable sector if supported with disciplined financing and stronger ecosystem coordination. He advocated greater use of blended finance and impact investing.
Chapel Hill Denham CEO, Bolaji Balogun, also highlighted the importance of private sector funding, noting that government resources alone are insufficient to meet healthcare needs.
He said healthcare requires patient, long-term financing that can be effectively mobilised through the capital market.
International Finance Corporation Senior Investment Officer, Chishamiso Mawoyo, emphasised the importance of providing financing in local currencies to better match the realities faced by healthcare providers serving domestic populations.
Speaking on behalf of the Gates Foundation, Deputy Director Ekenem Isichei said financing initiatives must produce measurable improvements in people’s lives, adding that philanthropy should help unlock larger pools of private capital through blended financing structures.
Also contributing, World Bank Senior Health Financing Specialist, Dr. Olumide Okunola, stressed that strong public financing remains the foundation of every effective healthcare system and called for reduced dependence on out-of-pocket healthcare spending.
Closing the roundtable, Future Perspectives Co-Founder Yemi Asekun said discussions would now be translated into practical financing solutions, including possible frameworks for a national healthcare investment platform.
The session was moderated by Serah Makka, Executive Director for Africa at ONE and a member of the Future Perspectives Board.
The event attracted participants from government agencies, financial institutions, development organisations, healthcare providers and private sector investors, reflecting growing interest in developing sustainable financing models for Nigeria’s healthcare sector.
