September 18, 2020

Institutional Investment in Lagos Healthcare.

Dapo Runsewe

Currently inadequate and largely ill-equipped, the Nigerian healthcare supply has been driven by the government and private participants. The perceived lack of adequate quality facilities in the country has prompted those who can afford it to seek treatment abroad. According to the Nigerian Sovereign Investment Authority, Nigerians spend as much as $1bn per annum on outbound medical tourism which accounts for 11.33% of its total health expenditure of over $14trn.

We have, however, noticed a recent rising interest in the healthcare sector by institutional investors looking to plug in this supply gap of medical expertise and inadequacy developing these 3 hospitals that we have profiled below, Upon completion, these projects will add over 100 beds to the current supply.

 

DIAMED DIAGNOSTIC CENTER.

Developed by Diamed Center Limited, The Diamed Diagnostic Center will serve as a diagnostics hub for hospitals and medical professionals providing access to diagnostic equipment in view of improving the efficiency of medical service delivery. Upon completion, the facility will provide the following diagnostic services: Radiology, Pathology, Endoscopy, Cardiac Services, and Dialysis.

Location: TF Kuboye Road, Lekki Phase 1, Lagos.

Status: Under Construction.

Architect: Geyser Hahn Architects.

Main Contractor: Arbico Limited.

Project Manager: Utopian Consulting Limited.

Structural Engineer: MOA Nigeria Limited.

Floors: 3.

Date Added to Ongoing Projects: June 2019.

Diamed Diagnostics Center. Image Source: Geyser Hahn Architects

 

LAKESHORE CANCER CENTER II.

Developed by Lakeshore Cancer Center, the new facility will be established as a more comprehensive cancer center which will include the provision of radiation therapy. It is primed to be an extension of the first Lakeshore Center which was the first healthcare facility in Nigeria to be solely dedicated to providing oncology services.

Location: Okunde Bluewater Road, Oniru, Lagos.

Status: Conceptual.

Architect: AMPC International Health Consultants.

Project Manager: AMPC International Health Consultants.

Floors: 4.

Beds: 50.

Date Added to Ongoing Projects: May 2020.

Lakeshore Cancer Center. Image Source: AMPC International Health Consultants

 

LAGOS-AMERICAN SPECIALIST HOSPITAL.

Developed by the American Hospital Management Company, the 50-bed specialty hospital will offer host cancer diagnostic services. It will be located in the highbrow Victoria Island area of Lagos state and was designed by Interstate Architects. 

Location: Victoria Island, Lagos.

Status: Late Conceptual Stage.

Architect: Interstate Architects.

Main Contractor: Monterosa Construction Limited.

Floors: 7.

Beds: 50.

Date Added to Ongoing Projects: September 2020.

 

Lagos-American Specialist Hospital, Lagos. Image Source: Interstate Architects.

 

Following the impact of the COVID-19 pandemic, there has been increased interest by the government in the healthcare sector through the provision of a ₦100 billion intervention fund as contained in the Medium Term Expenditure Framework. The intervention fund will provide loans to pharmaceutical companies, hospitals, and other health practitioners to build new hospitals and health facilities or expand existing ones to first-class health centers. 

 

This proves the willingness of the government to partner with the private sector in fostering the development of the weak healthcare system.

 

The Ongoing Projects feature on the ei Web App tracks many of such developments in Lagos and across sub-Saharan Africa. Login to the ei WebApp to enjoy this feature.

 

 

 

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