Many have even predicted recessionary trends for Nigeria, if the present unsustainable slump in oil continues. Healthcare system is characterized by lack of access to basic healthcare amenities coupled with poorly equipped and dilapidated hospitals, poorly trained doctors, high dependence on quacks/faith healers and fake drugs & substan­dard pharmaceutical products, thus putting severe financial burden on families. Register with Secretary of State. The Federal government is responsible for coordinating affairs in Federal Medical Centers and University Teaching Hospitals. While significant progress was made in the first two decades, the economic downturn resulting from the plummeting of oil price of which Nigeria was dependent led to a series of twists and turns in the health sector. There are about 13,703 primary care, 845 secondary care and 59 tertiary care facilities in Nigeria. According to a report by Fitch Solutions, healthcare expenditure in Nigeria is predicted to reach NGN 5,762.061 billion by 2021 growing at a CAGR of 8.35% Y.O.Y. Nigerian government intends to use Community Based Health Insurance to cover people employed in the informal sector and rural areas. For those needing a more detailed and comprehensive overview of Nigeria we have published an expert Report on Nigerian Society, Culture & Business. Another worrying problem area is the lack of technical expertise of the maintenance staff of some of the major medical devices/ equipment vendors in the country. Land of opportunity for healthcare: Nigeria – Healthcare scenario Introduction: Nigeria is often referred to as the “Giant of Africa”, owing to its large population and economy. Nigeria has never been a manufacturing giant. Apply for all the appropriate certifications and license. Healthcare spending as a percentage of the GDP in Nigeria was 2.6% in 2014, while this figure is more than 17% for US, 10.6% for Germany and 4.5% globally. Again, solving the puzzle requires an aggressive approach from … If you have a catchy business plan, you may need to approach angel investors to fund your business. According to a report by Fitch Solutions, healthcare expenditure in Nigeria is predicted to reach NGN 5,762.061 billion by 2021 growing at a CAGR of 8.35% Y.O.Y. Corruption is a well-known malady afflicting the healthcare sector in Nigeria. Healthcare delivery has undergone tremendous transformation since Nigeria’s independence in 1960. Register your business with Secretary of State in your state. The forecast for Q3 is mere 2.3%. Fragile Security Situation & Unstable Economy. OOPs has remained the dominant mode of financing healthcare in Nigeria. Healthcare Federation of Nigeria, a healthcare advocacy organisation in Nigeria. Nigerian economy has seen downward growth rate of 2.35% in Q2 from 3.96% in Q1, shrinkage of 1.6%. Demand exists for diagnostic equipment such as Magnetic Resonance Imaging (MRI), Computed Tomography scan (CT), Digital X-Ray, Ultrasound, Mammography, ultrasound scans, as well as anesthesia equipment and mortuary tools. Nigeria has one of the largest stocks of human resources for health (HRH) in Africa but, like the other 57 HRH crisis countries, has densities of nurses, midwives and doctors that are still too low to effectively deliver essential health services (1.95 per 1,000). The Federal Government's target of about $68.1 billion fresh foreign direct investment from 8 newly licensed free zones creates a new business opportunity for international businesses to invest in Africa's fastest growing market. Nigeria’s pathway towards achieving Universal Health Coverage should have been crafted, communicated and pursued with passion by the NHIS. Needless to say, the present dispensation has a job well cut out! 4. If crude oil prices average $53 per barrel in 2015, compared to $77.5 per barrel in 2014, the Federal Government of Nigeria’s oil and gas revenue will decline by an equivalent of $10 billion this year, or a gut-wrenching 30%. This is yet another malady afflicting the healthcare industry in Nigeria, mostly the public healthcare facilities. Those who are ready to exploit the opportunities that this sector affords, are likely to gain handsomely provided risks are well analysed and timely prudent mitigating actions taken. 8 Ormed Supreme Option 263 New Ogorode Road, Sapele, Delta State Nigeria 0806 053 8467, 0805 580 9703 PathCare Laboratories offers health care and medical services and is located in various areas in the Country. MedicRAM – Nigeria – Tosan Adams MedicRAM (Medical Records And Management) is an innovative modular health IT solution that is intended to transform the way healthcare is managed. Donor agencies such as the WHO, UNICEF and USAID have played active role in health financing in Nigeria. PHN focuses on four major pillars built on the evidence that the Nigerian healthcare sector is relatively flooded with untapped potential. According to industry analysts, European exporters dominate this market but Asian firms, led by China and India, are making significant inroads into Nigeria’s healthcare market. In fact, the business challenges encountered in Nigeria are in many ways similar to those being faced by many of the developing nations. New Business Development Manager Healthcare jobs added daily. Sell hospital consumables!!! But the huge interest rates of commercial banks are a turn-off to most developers. Another new variant of the coronavirus appears to have emerged in Nigeria, Africa’s top public health official said Thursday, but further investigation is needed. Healthcare industry holds good potential, but doing healthcare business in Nigeria is a challenging task, fraught with a number of risks and challenges. Register. In fact, there is no better time than now for government and stakeholders in Nigeria’s healthcare ecosystem to forge a robust partnership towards embracing and adopting the blockchain technology to drive reforms for enhanced supply chain management, traceability of counterfeit drugs, integrity of medical records, treatment regimens, and single patient identification, as well as checking … The Alliance strategically leverages the resources, expertise and capabilities of the private sector in Nigeria to yield gains in health. We provide general health care consulting services at affordable prices. Ubiquitous Strikes by Healthcare Professionals. 21 December 2020. 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