Established in 2022, MedServe is a wholly owned subsidiary of the Nigeria Sovereign Investment Authority (NSIA) via its wholly owned healthcare platform company, Nigeria Health Development and Investment Company (NHDIC), collectively the Project Sponsors.

Following the successful pilot of an oncology center and two medical diagnostic centers over the last 5 years, MedServe was established to house, consolidate and execute NHDIC’s business plan for medical diagnostic and cancer treatment. The proposed Project represents the first of two phases to establish 23 modern medical diagnostic centers, 3 oncology centers, and 7 catheterization laboratories across Nigeria’s six geopolitical zones.

NHDIC’s mandate is to address the infrastructure gap in the Nigerian health sector, elevate standards, improve manpower, and improve health indicators. NHDIC works with both the private and public sector, focusing on tertiary health care provision, diagnostic services and medical manufacturing.

 The Total Project cost is estimated at US$154.1 million and will be financed by US$129.8 million in equity by the Project Sponsors, while the balance of funding will be from the proposed IFC debt package.

The proposed IFC financing package consists of a US$24.3 million IFC A loan with a US$/NGN cross-currency swap support from IDA PSW LCF.

 The Project will be rolled-out across 13 states in Nigeria: including Akwa-Ibom, Bauchi, Delta, Enugu, Kaduna, Kwara, Oyo, Lagos, Plateau, Rivers, Sokoto, Yobe, and Federal Capital Territory, in Nigeria.

 This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability because Medserve’s business activities have limited adverse E&S risks or impacts that are few in number, generally site-specific, largely reversible, and readily avoided by implementing mitigation measures.

Key E&S issues included: (a) NSIA’s and facility-level E&S management systems and organizational capacity, in line with IFC PSs requirements; (b) adequate E&S screening and assessment for proposed locations for the facilities; (c) assurance of fair, safe and healthy working conditions in compliance with country’ labor laws and PS2 requirements for employees and third-party workers; (d) environmental and occupational, health and safety management during construction; (e) emissions, wastewater, and solid waste management; (f) life and fire safety and emergency response systems; (g) community risks due to operations and security; and (h) stakeholder engagement and external grievance mechanism.