Stanbic IBTC Bank has requested for Securities and Exchange Commission (SEC) approval for its N350 billion Infrastructure Fund to meant to provide long-term loans to businesses.
The request followed 75 per cent disbursement of its debut N100 billion Infrastructure Fund and the need to sustain lending to sectors of the economy.
Speaking at Stanbic IBTC Bank’s inaugural healthcare breakfast session, Chief Executive, Stanbic IBTC Holdings Plc, Dr. Demola Sogunle, said the N350 billion Infrastructure fund will fgive the bank more headroom to provide long-term funding for businesses, including the healthcare sector.
According to him, the infrastructure fund was set up to ensure that more segments of the economy have access to long-term credit.
The bank chief explained that the event was opportunity for the bank to connect innovators, disruptors, and change-makers that are shaping Nigeria’s healthcare landscape and growth in the sector.
Speaking on the theme: “The Business of Healthcare: Challenges and Opportunities,” Sogunle said in the spirit of driving Nigeria’s growth, Stanbic IBTC Bank has continued to avail credit to healthcare entities, thereby supporting hospitals, pharmaceutical firms, HMOs, and diagnostics centers nationwide.
He expressed the bank’s passion for wellness in the communities it serves, and will continue to throw its weight behind the health sector in Nigeria.
Sogunle advised healthcare providers to explore the bank’s tailored offerings that are designed to fuel their aspirations. “We are confident that technology and financing innovation can improve healthcare access, even in the face of macro challenges. We are committed to supporting your visions,” he said.
“Together, let us advance Nigeria’s journey to universal health coverage, improve standards of living, as well as reduce outbound expenditures that arise from medical tourism, as we unearth opportunities for collaboration and strengthen the healthcare value chain for sustainable progress,” he stated.
Speaking on the theme: “Strategic partnerships: Catalysts for transforming Nigeria’s healthcare sector”, Managing Director/CEO, JNC International Limited, Clare Omatseye, said the healthcare sector has faced several challenges, which have been exacerbated by rising costs, changing demographics, shortage of clinicians and healthcare professionals, quality of care and transparency in practices, access to finance, access to healthcare services and patient centricity are considered major challenges that impact healthcare industry today.
She disclosed that in the 2024 Federal Health Budget, the total sum allocated out of the overall expenditure of N27.5 trillion is N1.22 trillion inclusive of the N125.74 billion provided for the Basic Health Care Provision Fund.
She said the increases the health vote to N1.5 trillion being 5.46 per cent of the proposed overall expenditure; and less than one-third of the 15 per cent Abuja declaration commitment.
According to her, Donor Partners have become pivotal to the development of healthcare with funding to the excess of billions of US dollars to help upscale outcomes, especially in the Primary healthcare.
He said the bank’s commitment to healthcare funding is 100 per cent, adding that there is ha limit to what a bank can do due to Basel II policies.
