Healthcare: CBN calls for public, private sector collaboration

The Governor Central Bank of Nigeria, (CBN) Mr Godwin Emefiele has called for public and private sector collaboration to improve access to healthcare, support research and development in the health sector to prevent future health crises that could have spillover effects on the nation’s economy.

Emefiele who made this call in Lagos over the weekend at the launching of Movie Premiere of “Unmasked” said there is a strong linkage between health care and economic growth as evidenced by the impact of the COVID-19 pandemic on Nigeria and indeed the world.

The Governor while expressing the need to improve access to healthcare for all Nigerians said ” a key factor that has impeded access to healthcare for Nigerians is the prevailing cost of healthcare services and according to a study by World Health Organisation, only 4 per cent of Nigerians have access to health insurance.

He said that besides food, healthcare expenses are a significant component of the average Nigeria’s personal expenditure, adding that out of pocket expenses on healthcare amount to close to 76 percent of total healthcare expenditure.

In his explanation, Emefiele said ” expanding the insurance net to capture the pool of Nigerians not covered by existing health insurance schemes, could help to reduce the high out of pocket expenses on healthcare services by Nigerians. It will also help to increase the pool of funds that could be invested in building our healthcare infrastructure and in improving the existing welfare package of our healthcare workers.”

The CBN governor stated that the private sector has a significant role to play in this regard given the decline in government revenues as occasioned by the drop in commodity prices, adding that leveraging innovative solutions that can provide insurance services at relatively cheap prices could significantly help to improve access to healthcare for a large proportion of Nigerians particularly those in our rural communities.

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