Sterling Bank and Growth of Nigeria’s Healthcare Sector

Olaseni Durojaiye

The Federal Government recently launched the Economic Recovery and Growth Plan 2017-2020 (ERGP) in a bid to restore economic growth, enhance human capital development and make the country globally competitive.

The document, jointly developed by the Presidency and the Ministry of Budget and National Planning, outlined 60 critical initiatives that would serve as the blueprint for the direction it wants to take the country in the next few years. The government also hopes to achieve a seven percent economic growth by the year 2020.

Among the plans listed in the ERGP for healthcare is how the Federal Government will give a new lease of life to primary healthcare system through the revitalisation of 10, 000 Primary Healthcare Centres (PHC). The plan will involve the establishment of at least one functional PHC in each ward across the country to improve access to healthcare, full implementation of the PHC refinancing programme to mobilise domestic resources, drive progress to meet the United Nations (UN) Sustainable Development Goals (SDGs) health targets and reduce infant and maternal mortality rates.

The planned investment in the health sector equally aims to see a remarkable improvement in access to affordable and quality healthcare as well as expanding coverage of National Health Insurance Scheme (NHIS) across the country.
It is against this background that the remarkable contribution of Sterling Bank Plc to the growth of the nation’s health sector deserves recognition.

Notably, President Muhammadu Buhari recently commended Sterling Bank for its commitment to supporting the government’s initiative to provide qualitative and affordable healthcare services to Nigerians.

President Buhari gave the commendation in Abuja while inaugurating the Model Primary Health Care Centre for Universal Coverage in Nigeria, which is located at Kuchigoro.

He specifically commended Sterling Bank for its foresight, innovation and financing support for the project which is focused on vulnerable women, children and the elderly at little or no cost to beneficiaries. Speaking at the inauguration, Managing Director and Chief Executive of Sterling Bank Plc, Mr. Yemi Adeola, said the bank is pleased to play the role of a partner in the ongoing effort by the Federal Government to revamp basic healthcare in the country. According to him, Sterling Bank places a premium value on the health of the human being because it is the most important part of living. He observed that anyone who cannot appreciate the value of health should visit a hospital and see a sick person.

“There are many worthy causes but health is too critical to be ignored because the health of a nation is determined by the health of the citizenry. So, we are pleased to partner with the Federal Ministry of Health.

“The problem with projects like this is sustainability. But we are going to bring in private sector innovation and ideas, in addition to some financial support, to help them see it through from the logistics standpoint and the point of view of implementation as the project rolls out from state to state,” Adeola said.

He added that the bank will partner with stakeholders in the healthcare sector, guide them using private sector knowledge and style as well as critical parameters to measure how successful they are going on a month-on-month basis and year-on-year basis. We want to give them full support.

He promised that Sterling Bank will give full support to the government’s effort at revamping the nation’s health sector, adding that a lot of people cannot afford quality healthcare because it is so expensive. “So, there is a need for a national philosophy on health and that is what this government is doing and the bank is supporting and partnering with them to ensure that they get it right.”

According to the managing director, Sterling Bank is already providing financial and logistics support to the nation’s health sector while also playing a role in the areas of innovation, payment system as well as financing some of the equipment for those who are supplying them. Essentially, Sterling Bank is bringing its expertise to bear on the entire ecosystem in the health sector.

“There’s the corporate social responsibility part of it and there’s the business part of it in terms of payment system like financing those who want to bring in the equipment, opening letters of credit and so there are also business opportunities for us,” Adeola said.

Minister of Health, Professor Isaac Adewole, also commended the bank for complementing the efforts of the Federal Government. Adewole commended Sterling Bank for its role in combating preventable diseases through its contribution to the primary health care sub-sector and for supporting the establishment of a primary health care facility for the people of Eniosa community in Ibadan, Oyo State. The family of late Nathaniel Idowu, a former director of Sterling Bank and philanthropist, under the platform of Nathaniel Idowu Foundation, had renovated and equipped three blocks at the Community Health Centre at Eniosa in the Lagelu Local Government Area of Oyo State. The facilities were built to help to reduce preventable diseases that do not necessitate curative treatment at tertiary medical institutions for people in the area.
Speaking at the inauguration of the Eniosa Community Health Centre recently, the minister noted that the high prevalence of hypertension and stroke in the country can be controlled if people choose to embrace the preventive health care system which is much cheaper than curative treatment.

Also speaking, Chairman, Senate Committee on Health, Senator Lanre Tejuoso, disclosed that the Federal Government had plans to establish 10,000 units of the type of blocks commissioned at Eniosa as soon as the funding is available.

Senator Tejuosho said, “It is commendable that we are having this type of foundation. Baba was a father to me. He was the type to be emulated. Teaching hospitals have started playing a role in the provision of primary health care to the citizenry. However, the Idowu family deserves commendation for keeping the health centre functional 30 years on.”
In his remarks, MD/CEO of Aircom and Chairman of the Nathaniel Idowu Foundation, Mr. Yemi Idowu, said many preventable diseases that can be treated without going to tertiary health institutions will be resolved at the Eniosa Community Health Centre. He added that the centre is equipped to provide series of diagnostic services and deliveries, promising that an ATM point will be established at the health centre before the end of the year to make accessibility to cash withdrawals and promotion of cashless system more comfortable.

Commending the Nathaniel Idowu Foundation, Executive Director, Commercial and Institutional Banking, Sterling Bank, Mr. Lanre Adesanya, said the bank is proud to be associated with the giant strides of the foundation in the area of primary healthcare which is the most commonly used part of the health system in Nigeria. According to Mr. Adesanya, primary healthcare is the frontline of the healthcare system because it is the most accessible to millions of Nigerians in rural communities and peri-urban areas. “We are impressed by the level of investment in Eniosa by the Nathaniel Idowu Idowu Foundation. The facility was renovated and upgraded to a standard comprehensive health centre which provides 24 hours service and comprises primary and secondary care centres with a theatre complex.

He therefore urged the private sector and charitable organisations to emulate the foundation. “Nathaniel Idowu Foundation, the first non-profit and charitable health organization that is providing health care to rural communities in Oyo State must be emulated and its model adopted to improve the quality of life as well as life expectancy of millions of Nigerians.”

Mr. Adesanya also committed to Sterling Bank’s support for the Nathaniel Idowu Foundation which currently operates three primary healthcare centres in Eniosa, Sagbe and Ajara communities.

Related Articles