BY NKECHI NAECHE-ESEZOBOR—The Bank of Industry (BOI) and the National Health Insurance Authority (NHIA) have entered into a strategic partnership aimed at expanding health insurance coverage among Nigerian businesses, particularly Micro, Small and Medium Enterprises (MSMEs), cooperatives and individual entrepreneurs.
The partnership was formalised through the signing of a Memorandum of Understanding (MoU), which seeks to integrate health insurance compliance into BOI’s financing framework as part of efforts to advance universal health coverage and sustainable economic development.
Speaking at the signing ceremony, the Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi, described the collaboration as a timely response to Nigeria’s evolving healthcare, productivity and inclusion priorities, in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Olusi said the agreement underscored BOI’s commitment to universal health coverage, noting that the bank is an early adopter of the presidential directive on mandatory health insurance compliance.
“This collaboration with NHIA reflects our belief that strong human capital is fundamental to productivity, resilience and long-term economic growth.
“By integrating health insurance compliance into our loan engagement processes, we are translating national policy into practical action across the private sector.”
READ ALSO: NHIA Employs Multi -pronged Strategies To Improve Health Care
Olusi explained that as BOI strengthened its environmental, social and governance (ESG) framework, sustainability considerations were being deliberately embedded into its credit processes.
He noted that “access to healthcare improves workforce stability, boosts productivity, and reduces out-of-pocket medical expenses for businesses and their employees
In his remarks, the Director-General and Chief Executive Officer of NHIA, Dr. Kelechi Ohiri, described the MoU as a significant milestone in the implementation of the National Health Insurance Act, 2022, which makes health insurance mandatory for all Nigerians and legal residents.
Ohiri recalled that although the Act was passed in May 2022, its enforcement gained renewed momentum following a presidential executive order issued in September to give effect to the law.
“Insurance is about trust and social protection. Workers who are driving our economy deserve financial protection against the catastrophic costs of illness,” Ohiri said. “Today’s event is not just the signing of a document, but a shared commitment to sustainable healthcare financing, a stronger health system and improved productivity.”
He commended BOI for pioneering the initiative and setting a model for other institutions to follow, stating that the partnership will facilitate the enrolment of BOI-funded beneficiaries and their employees into NHIA-approved health insurance schemes.
He commended BOI for pioneering the initiative and setting a model for other institutions to follow, noting that the partnership would facilitate the enrolment of BOI-funded beneficiaries and their employees into NHIA-approved health insurance schemes.
“This collaboration supports President Tinubu’s priority of achieving universal health coverage under the Health Sector Renewal Investment Initiative, led by the Coordinating Minister for Health and Social Welfare. “
He said NHIA’s strategy is built on four pillars: expanding coverage through enforcement of the mandate, ensuring equity so no one is left behind, improving quality of care, and enhancing productivity by reducing illness-related work disruptions.
Under the terms of the MoU, health insurance enrolment will become a compliance requirementwithin BOI’s loan application and disbursement processes. The framework targets MSMEs, cooperatives and individual entrepreneurs seeking BOI financing who are not yet enrolled in any health insurance scheme.
A statement on the collaboration noted that the initiative is anchored on Sections 3(b) and 14(1) of the NHIA Act, 2022, which mandate health insurance for every Nigerian and legal resident. By leveraging BOI’s role in enterprise financing, the partnership is expected to accelerate nationwide health insurance compliance.
The collaboration is projected to improve health outcomes, reduce mortality rates and advance Nigeria’s goal of achieving Universal Health Coverage, while NHIA has assured BOI and participating businesses of continuous technical support to ensure seamless implementation of the initiative.
