The Federal Government and Sterling Bank Nigeria have forged a partnership model on innovative health financing aimed at scaling-up efficient health financing model,and addressing the burden of maternal and neo-natal deaths in the country.
The Initiative is also expected to make an investment case to the Global Financing Facility (GFF) of the World Bank for the Health sector in Nigeria, in addition to scaling up innovative solutions for efficient health systems through the public private partnerships (PPPs).
Futhermore, the innovative finance model is expected to prepare the Nigerian government to attract $40 million that is available to the Nigerian government from the GFF facility, which would fast-tract addressing the high burden of maternal and neo-natal deaths.
Speaking at the event, Vice President Yemi Osinbajo said the Federal Government would encourage PPP in improving the health sector.
“Government would keep encouraging the private sector to play its role by encouraging Unviersal Health Coverage and ensuring that more Nigerians are captured in Health Insurance,” Osinbajo said.
In his own submission, the Minister of State for Health Osagie Ehanire, said the Federal Government would explore all avenues to ensure Universal Health Coverage for all Nigerians.
“This has spurred the Federal Government to seek paramount,effective, efficient, scalable,sustainable and innovative approaches to improve service delivery through partnership with the country’s vibrant private sector,” he said.
Nigeria’s health budget has in the past five years been hovering between 4 and 5 percent of the total budget, which has forced out of pocket expenses on health issues sky-rocketing to 70 percent, in addition to health services falling out of reach of many Nigerians.
Meanwhile, Nigeria’s reproducive, maternal, neo-natal, child and adolescent health is still a major source of concern with poor indices.
Under nutrition continues to hamper the attainment of national development goals, with 37 percent of children under five stunnted in Nigeria.
Furthermore, the lifetime risk of maternal death from pregnancy-related causes are 1 to 29, and only 39 percent of our women recieve skilled attendance during child birth.
Sterling Bank’s Executive Director of Finance and Strategy, Abubakar Suleiman at the event said the Bank is prepared to assist the Federal Government in proferring home grown solutions in addressing poor health indices in the country.
“As a financial institution committed to the development of the health sector as well as other critical sectors of the economy, we are delighted to partner with the Federal Ministry of Health and other key stakeholders in transforming the health sector by improving the reproductive, maternal, newborn,child and adolescent health and nutrition indices in our country,” he said.
Suleiman further expressed believe that scaling-up innovative solutions for efficient Health systems through PPPs is key to achieving tremendous advancements and successes in health sector.