AfDB reveals that Nigeria loses $1 billion monthly due to medical tourism and offers support to Lagos to develop its health sector and reduce these losses.

The African Development Bank (AfDB) disclosed that Nigeria loses $1 billion monthly due to medical tourism.

AfDB’s Head of Mission to Nigeria, Mr Babatunde Omilani, revealed this during a visit to Lagos State Governor Babajide Sanwo-Olu, highlighting the potential economic impact of developing the health sector.

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According to the African Development Bank (AfDB), Nigeria is losing an estimated $1 billion monthly due to medical tourism, contributing significantly to Africa’s overall $2.4 trillion annual loss in GDP.

Mr Babatunde Omilani, Head of the AfDB Mission to Nigeria, shared this during a courtesy visit to Lagos State Governor Babajide Sanwo-Olu at the Lagos House in Marina.

Omilani expressed the AfDB’s readiness to assist Lagos in transforming its health sector into a 21st-century model that could significantly reduce these losses.

He noted that the delegation had been in Lagos for ten days, visiting various state medical facilities to understand their challenges and assess areas where the bank could offer support.

Omilani emphasised that aligning Lagos State’s healthcare strategies with AfDB’s goals could not only boost the state’s economy but also help Nigeria retain the $1 billion it loses monthly due to medical tourism.

The AfDB is prepared to provide technical assistance and concessional financing to help Lagos address its healthcare funding gaps.

He further explained that health sector improvements can double economic productivity, making investments in healthcare crucial for Nigeria’s overall economic growth.

Omilani’s visit reinforces the bank’s commitment to partnering with Lagos in its efforts to improve healthcare and reduce the financial burden of medical tourism.