A one-day international Summit on Financing Primary Healthcare Infrastructure in Nigeria under the theme: Islamic Finance: Exploring New Sources Of Financing For Primary Healthcare Transformation in Nigeria was held in Abuja, the Capital of the Federal Republic of Nigeria on the 30th of November, 2023, at the NICON Luxury Hotel, under the distinguished Chairmanship of His Excellency, Senator Ibrahim Shekarau, former Executive Governor of Kano State,
The Summit, which was organized by DUKE Logistics and Consult Limited, in strategic collaboration with the Africa Islamic Economic Foundation (AFRIEF), Ghana, and the Glocal Healthcare Systems Limited, India, was held to, among others, explore innovative healthcare financing models that leverage Islamic finance instruments such as sukuk (Islamic bonds), Waqf (endowments), and takaful (Islamic insurance), etc. in providing sustainable and long-term financing for primary healthcare transformation in Nigeria; and to foster collaboration between the various states of the federation to share best practices and experiences in leveraging Islamic finance for healthcare projects.
After exhaustive presentations and deliberations among participants the following resolutions and recommendations were passed:
Resolution 1: The Summit recognizes the significant potential of Islamic finance in supporting the development of healthcare infrastructure in Nigeria. The participants urge the various Governments of the Federation of the Republic of Nigeria and relevant stakeholders to explore and promote Islamic finance mechanisms such as Sukuk, (Islamic Bonds), Zakat (annual alms tax) Waqf (endowments) to fund healthcare infrastructure projects. It is recommended that the Federal Government establishes a dedicated Islamic finance healthcare fund to attract investments and financing from Islamic financial institutions.
Resolution 2: The Summit acknowledges the transformative power of digital health solutions in improving healthcare access and delivery. The participants recommend the establishment of public-private partnerships to foster innovation and collaboration in developing digital health solutions. It is suggested that the government introduces supportive policies and regulations to encourage investment in digital health startups and initiatives. The participants recommend the promotion of effective collaboration between Islamic financial institutions and digital health solution providers to address financial challenges and explore Shariah-compliant investment opportunities,
Resolution 3: The Summit advocates for robust cybersecurity measures to safeguard patient data in digital health systems.
Resolution 4: The Summit recognizes the need for capacity building programs and training for healthcare professionals to effectively utilize digital health technologies. The Summit therefore, encourages the development of training programs to enhance digital health literacy among healthcare professionals and communities. It also emphasizes the need for regulatory frameworks that ensure quality, safety, and ethical standards in digital health practices. It is recommended that a national digital health task force, comprising experts from various sectors should be established to develop guidelines and regulations for digital health implementation and oversee its progress.
Resolution 5: The Summit advocates for the promotion of awareness among healthcare professionals and policymakers about the benefits and potential of digital health solutions in the Nigerian context. Furthermore, it highlights the importance of research and development in digital health to address local healthcare challenges. The participants recommend the establishment of an incubation program or funding scheme that supports Nigerian startups in developing and implementing digital health solutions aligned with Islamic finance principles.
Resolution 6: The Summit acknowledges that limited fiscal space and competing demands on the budgets of the various governments of the federation have created insufficient funding opportunities to address the complex challenges in the healthcare sector. Participants therefore, recommend the Africa Islamic Economic Foundation (AFRIEF) through its flagship initiative, the Africa Healthcare Infrastructure Development Program (AHIDEP) to explore innovative and sustainable financing mechanisms that can leverage local and international resources, attract private sector investments to address the critical challenges faced by the Nigerian healthcare system, with a particular emphasis on primary healthcare.
Resolution 7: The Summit commends the Federal Government of Nigeria for launching the Health Sector Renewal Investment Initiative. To ensure inclusivity and accommodate different financing options, participants recommended the incorporation of Islamic finance as an alternative funding mechanism. The Summit notes that integrating the Initiative with Islamic finance principles can diversify funding sources, attract socially responsible investors, and contribute to the development of primary healthcare infrastructure in Nigeria. The Summit observes that through collaboration with Islamic finance experts and institutions, the Federal Government of Nigeria can develop innovative financing structures, like Islamic bonds (sukuk) or Islamic project financing, specifically tailored to the healthcare sector. These structures could enable investors to support the development of healthcare infrastructure while adhering to their ethical and religious beliefs. Furthermore, the initiative can foster partnerships with international Islamic finance institutions and organizations that have experience in healthcare project financing. This would facilitate knowledge transfer, promote best practices, and attract foreign investments to support Nigeria’s healthcare sector.
Resolution 8: The Summit acknowledges that having assessed the range of digital health solutions and options currently available to consumers, the GLOCAL Digital Healthcare system, as a result of its Primary Health Care focus, its capacity to be located at the door step, even for the most outlying communities, and its comparatively low price, is recommended to Health Authorities for adoption and implementation of their digital healthcare initiatives.
These resolutions and recommendations aim to leverage Islamic finance principles and digital health solutions to transform primary healthcare in Nigeria. They emphasize collaboration, innovation, and regulatory frameworks to ensure sustainable development in the healthcare sector.
Signed:
Hon. Dr Abdel Majeed Haroun
(Former Minister of Agriculture, Republic of Ghana)
Chairman, Summit Resolution Committee
30th November, 2023
