To bridge a critical funding gap, First City Monument Bank (FCMB) has committed ₦20 billion to finance private healthcare businesses in Nigeria, targeting a critical sector in need of affordable, long-term capital. 

The 20 billion Healthcare Fund, announced at FCMB’s inaugural healthcare summit in Lagos, will target businesses including hospitals and clinics, diagnostic centres, pharmaceutical companies, pharmacies, maternity homes and other healthcare enterprises.

The financing will support expansion, medical equipment purchases, infrastructure, working capital and technology investments, according to FCMB.

The initiative comes as Nigeria seeks to expand healthcare capacity and boost local production of medicines and medical devices. The government is targeting local production of 70% of medicines and medical devices by 2030 under its Presidential Initiative for Unlocking the Healthcare Value Chain.

“Healthcare is a social imperative and an economic priority,” FCMB Managing Director and Chief Executive Officer, Yemisi Edun, said in remarks delivered by Executive Director, Corporate Services and Service Management, Felicia Obozuwa at the summit. “Building a strong healthcare system requires capital that is patient, affordable and long-term.”

The bank said the fund will form part of a broader healthcare financing offering that combines lending with advisory support and partnerships intended to help businesses strengthen operations and attract capital.

Access to finance remains a major constraint for private healthcare operators, according to Njide Ndili, president of the Healthcare Federation of Nigeria.