CBN’s Intervention in Healthcare as Critical Juncture
“With investments like these, seeking high-quality medical personnel, we can even reverse the trend of doctors voting with their feet. The reasons for voting with their feet are obvious, better remuneration, better facilities. But again, only serious private sector investment in high-quality healthcare services offering top compensation for its personnel could possibly create an attractive proposition to reverse the trend. The only way we can ensure that people stay is to reward their services. I think this is a good way to start.
“So here at Duchess, we celebrate the convergence of so many possibilities and such great promise. I am extremely proud to be a part of this phenomenal achievement and the great future that it portends not just for healthcare services in Nigeria, but also for the general business environment. If you can believe enough in the economy, to invest in 15 different places, then certainly you must be doing something right and there must be something right about the economy also.”
The Emefiele Master Stroke
Writing on ‘Implications of Outbound Medical Tourism on Public Health Care Development in Nigeria’ in European Scientific Journal, 14(30), 353-370, 2018, Ibrahim Orekoya and Omobola Oduyoye, observed that outbound medical tourism is a phenomenon in Nigeria that contribute to the growth of the healthcare industry in destination countries.
They stated that medical tourism, which is the practice of patients travelling out of their country of origin or residence for the purpose of getting access to medical care services abroad is a common trend in Nigeria. They assert that huge investment in the health sector can drastically reduce outbound medical tourism, make health care services affordable to all Nigerians and utilizing foreign exchange to develop other relevant sectors of the Nigerian economy.
Nigeria loses over N576 billion yearly to medical tourism. According to a review of the Central Bank’s balance of payment, Nigerians spent the sum of $11.01 billion on health-related services abroad in 10 years, as at the first quarter of 2021, recording the highest in 2019 with $2.56 billion foreign health expenses, and the least in 2016 at $17 million.
It is important to emphasise this because of the huge capital flight involved which impacts on the nation’s foreign reserve and, eventually, the value of the local currency in the foreign exchange market.
Looking at the broad objectives, CBN Healthcare shows that the health sector is bound to register the intervention of the apex bank’s leadership in addressing the lingering challenge of medical tourism in Nigeria.
The objectives include:
•Supporting capacity of relevant health agencies towards attaining WHO Maturity Level 3, a prerequisite for manufacturing of vaccines in Nigeria;
•Facilitating partnership between academia (researchers, research institutes and universities) and industry into the research and development of drugs, phytomedicines and vaccines for the control, prevention and
treatment of infectious diseases in Nigeria; and
•Reducing dependence on imported drug products (synthetic and herbal) and vaccines for the control, prevention and treatment of infectious diseases in Nigeria.
Activities eligible for consideration under the Scheme shall include:
Research and development of candidate drugs, herbal medicines and vaccines validated by relevant health authorities for the control, prevention and treatment of infectious diseases;
Manufacturing of drugs, herbal medicines and vaccines validated by relevant health authorities for the control, prevention and treatment of infectious diseases.