The African Development Bank (AfDB) has revealed that Africa loses $2.4 trillion annually in terms of annual Gross Domestic Product (GDP) due to lack of investment in the health sector, saying that Nigeria alone loses $1billion monthly for failing to ban medical tourism.
AfDB, however, assured Lagos State Governor, Mr. Babajide Sanwo-Olu, of its support to develop the State to the 21st-century economy, by developing its health sector, and as well help Nigeria to save $1billion that Nigeria is losing monthly by not banning medical tourism.
The head of the AfDB Mission to Nigeria, Mr. Babatunde Omilani, made this known on Friday during a courtesy visit to Governor Sanwo-Olu, saying that his delegation has been in Lagos State in the last 10 days to study its health sector, having visited all the medical facilities to ascertain their challenges.
“Our reason for being here is very simple, we are here to contribute to your work, in transforming Lagos into a 21st economy. We are here to support your leadership as the executive governor, and what you are doing in the executive sector, to really transform the health sector of Lagos State and make it a good economy imperative in terms of boosting the GDP of the State.
“Fortunately for us, our strategy at the bank on health aligns well with what you are doing. I will also like to mention that, we have been here for 10 days, we are supposed to be at the UN General Assembly to participate in New York, but we decided to come to Lagos State, and really participate in what you are doing and support you, especially in terms of providing technical assistance also in terms of concessional financing that can help you fill some of the funding gap you might be facing in addressing the health of Lagosians.
“Health is crucial because health can actually double the economic productivity of any economy.
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“We have done serious analysis with the World Health Organisation, where we realised that Africa is losing 2.4 Trillion Dollars annually in terms of annual GDP as a result of lack of investment in health.
“We have also seen that our nominal GDP at about 2.6 Trillion dollars a year means that we can actually double our economic productivity,” he stated.
Omilani, while asserting that health is crucial to them at the Africa Development Bank, said that the delegate was of the belief that Lagos State needed a holistic, inclusive and integrated health approach that can help achieve significant gains whether in terms of trade, investment and climate resilience but also in terms of job creation.
Foreign hospital
“One of the things we do at AFDB is really to boost the development impact of the continent and so we are here principally to work with you, to support you in your transformation agenda for Lagos State,” Omilani said.
Responding, Governor Sanwo-Olu appreciated the efforts of the AfDB, urging the institution to make the dreams and promise a reality, and as well let the State know its contribution in realising the objective.
“We believe in the leadership of your bank. we believe the leadership is very serious, that is why you are here and we are happy that you have used Lagos as a test case.
“We want to assure you that we are not only ready, we are business ready, we are financing ready, we are process ready and in whatever form you want us to be engaged. We are not just happy to be helped out, we see it as a partnership.
“So whatever is our part of it, whatever is expected of us to show our own commitment, to bring about our own part of the deal, it is really for us to make that happen, and to all areas, like you said from the Primary, Secondary, Tertiary and in any of the places there is an opportunity to play,” the governor pledged.
