The Nigerian Economic Summit Group has said for Nigeria to make significant progress in health financing, the government must partner with the private sector.
The group stated this at a webinar with the theme “PPP for Healthcare: Getting the Policy Environment Right.”
According to the the group, “Public-private partnerships (PPPs) have been known to play a significant role in healthcare. PPPs as it allow the combination of public and private sector resources, expertise, and funding, leading to a more efficient allocation of resources, reduced waste, and improved service delivery.
“It allows the government to focus on policy-making, regulation, and strategic planning while the private sector handles day-to-day operations. In addition, private sector involvement often brings innovation, management expertise, and specialised skills that can enhance healthcare services,”
Similarly, in his keynote address, the Chief Investment Officer (CIO) of Nigeria Sovereign Investment Authority (NSIA), Kola Owodunni, stated that Nigeria as a nation still has a lot to do in terms of providing quality healthcare for its citizens.
He noted that quality healthcare is not a luxury but a human right, especially for a nation vying for sustainable economic transformation and social inclusion.
“Public-private partnerships are vital in realising this vision, as they are collaborations and bridges between public goals and private expertise. “PPPs have demonstrated globally their potential to optimise resource allocation, minimise waste and augment service delivery.
They enable the government to focus on policymaking, regulation and strategic planning, while the private sector brings innovation, managerial excellence and specialised skills,” he noted.
During the panel discussion, the Director of the Public Private Partnership Resource Department of the Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Oseodion Ewalefoh, who was represented by the head of Energy and Urban Infrastructure PPP, at the ICRC, Mr Ahmed Abdulrazaq, said that PPPs are complex and are not done in isolation. He said the legal framework is the most important consideration when embarking on a PPP because it provides the law for the public and private sectors vested within the ICRC.
He however noted that economic indicators for investments, inflation rates, interest rates for loans, consumer spending and unemployment rate must be considered before embarking on a PPP arrangement.