IFC, IDH, Echo lab reveal $25m investment in Nigeria

The International Finance Corporation (IFC) and the Integrated Diagnostic Holdings (IDH) have partnered with Echo Lab in Nigeria on a $25 million investment to provide comprehensive diagnostic service including both laboratory and radiology tests in Nigeria.

The $25m investment will be spent on building and equipping the Echo Lab facility in Lagos, Abuja, Kaduna and other locations across the country in the next four years.

According to the Business Development consultant of IDH, Dr Khaled Mostafa, IDH is the largest operator of diagnostic services in the Middle East and North Africa operating more than 400 branches across three countries.

“The opportunity for IDH in Nigeria is large and our assessment of the medical diagnostic market pegged at N50 billion in 2015 is projected to double to N300 billion in 2025.

“Our partnership with Echo Lab is to ensure global best practice delivery of diagnostic services in Nigeria, providing a wide range of services including pathology, molecular diagnostics, genetics testing and radiology to patients,” Mostafa stated.

In addition, the Chairman of Echo Lab, Dr Benson Ayodele Cole, said the aim of the diagnostic laboratory, which was established as Echo-scan in 1999, is to reduce medical tourism, adding that the laboratory has the latest technologydriven diagnostic equipment, presence of consultant pathologist and radiologists and routine maintenance contract agreement to ensure 100 percent accuracy in all tests.