World Cancer Day: $154m IFC, NSIA Inject Fresh Lifeline Into Cancer Care

According to Ireporter Online, the International Finance Corporation (IFC), a member of the World Bank Group, and the Nigeria Sovereign Investment Authority (NSIA) have entered into a landmark partnership to invest approximately $154.1 million in expanding cancer treatment and advanced diagnostic services across underserved communities in Nigeria.

The initiative, to be implemented through NSIA’s healthcare subsidiary, NSIA Advanced Medical Services Limited (MedServe), includes a significant IFC contribution of about N14.2 billion, equivalent to $24.5 million, provided as long-term naira-denominated financing. The arrangement marks the first time the IFC is supporting a healthcare project in Nigeria using local currency funding, a move designed to mitigate foreign exchange risks and strengthen sustainability.

The collaboration was unveiled during the commemoration of World Cancer Day, observed on February 4, with First Lady Oluremi Tinubu calling for a more compassionate, people-focused national response to cancer. She urged Nigerians to prioritise empathy, prevention, early detection and access to quality treatment, stressing that placing patients at the centre of care is critical to improving outcomes.

In her World Cancer Day message, the First Lady emphasised that while cancer affects individuals differently, collective action remains essential to achieving a cancer-free future. She noted that meaningful progress depends on the combined efforts of government, healthcare professionals, civil society, families and communities working together.

World Cancer Day, marked annually on February 4, aims to raise awareness, promote prevention, encourage early diagnosis and improve access to effective treatment and support for patients worldwide.

Details of the IFC–NSIA partnership indicate that the investment will facilitate the establishment of more than a dozen modern diagnostic and treatment centres across several states. The project is expected to create about 800 direct jobs and provide specialised training for over 500 healthcare professionals in oncology, cardiology and related fields.

The initiative is designed to improve access to affordable and reliable cancer and diagnostic services, particularly for low-income and underserved populations who often face delays in accessing quality healthcare. Under the financing structure, the IFC will provide naira-based funding to MedServe with support from the International Development Association’s Private Sector Window Local Currency Facility, enabling expansion without the burden of foreign currency exposure.

Planned facilities include advanced diagnostic centres, radiotherapy-equipped cancer treatment units and cardiac catheterisation laboratories, all fitted with modern equipment such as CT and MRI scanners, digital pathology laboratories, linear accelerators and advanced cardiac care systems. MedServe said its pricing model reflects local income levels, ensuring services remain accessible to vulnerable patients.

NSIA’s Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, described the partnership as a major milestone in strengthening Nigeria’s healthcare ecosystem through sustainable, locally anchored investments. He noted that the initiative addresses critical infrastructure gaps while ensuring quality care reaches underserved communities.

Similarly, IFC Vice President for Africa, Ethiopis Tafara, said Nigeria’s rising burden of non-communicable diseases presents an opportunity to deploy innovative financing solutions that mobilise private capital while promoting equitable access to healthcare. He added that the project aligns with the IFC’s broader vision of building resilient health systems that support inclusive growth.

The IFC noted that the investment supports Nigeria’s Universal Health Coverage goals and aligns with the World Bank Group’s Country Partnership Framework and national efforts to strengthen the healthcare value chain. Beyond financing, the IFC will also provide advisory support to MedServe, including guidance on patient safety, social impact measurement and adherence to international green building standards.

Construction of the new facilities is expected to continue through 2026, with the first centres scheduled to open in the second half of the year, bringing modern diagnostic and cancer care closer to long-neglected communities.

Meanwhile, the Lagos State Government has reiterated that early detection remains the most effective and affordable strategy against cancer. The state marked World Cancer Day with a statewide awareness walk and free cancer screening for public servants at the state secretariat in Alausa, Ikeja.

The exercise, organised by the Ministry of Health through its Non-Communicable Diseases and Cancer Control programmes, highlighted the state’s shift towards prevention-focused healthcare, early diagnosis and expanded access to cancer services amid rising cases across age groups.

State health officials stressed that routine screening saves lives and reduces the financial and emotional burden associated with late-stage cancer treatment. The government also reaffirmed plans to strengthen cancer care infrastructure, including the development of a comprehensive oncology centre in Alausa.

In addition, Hassy’s Haven Foundation has called for urgent intervention to support indigent women battling cancer, warning that poverty, stigma and limited access to care continue to force many patients to suffer in silence. The foundation described cancer as both a medical and social justice issue, disproportionately affecting vulnerable women who lack financial and institutional support.

The foundation urged governments, private sector stakeholders, health institutions and development partners to intensify prevention efforts, expand early screening, subsidise treatment and decentralise oncology services to rural and underserved communities, while also calling on the public to break the culture of silence surrounding cancer.