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Only 4% of Nigerians Have Health Insurance – NIPC

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Health Insurance
  • Only 4% of Nigerians Have Health Insurance

The Executive Secretary of the Nigerian Investment Promotion Commission, Ms. Yewande Sadiku, has said about four per cent of 182 million Nigerians have formal health insurance.

This indicates that only 7.28 million Nigerians are registered under the National Health Insurance Scheme, leaving 174.92 million without health cover.

According to her, majority of the people with health insurance in the country are workers in the public sector.

She said this was part of the findings of the commission on health care investment while speaking at a summit in Abuja, which was held in collaboration with the Federal Ministry of Health and GEMS3.

The summit was organised to explore ways to attract health care investments into the country.

The NIPC boss added that the research findings by the commission showed that Nigerians would rather seek medical care in India, the United Arab Emirates, the United States and South Africa than stay in Nigeria for treatment.

The country, she lamented, was losing $1bn annually to foreign medical trips.

She described the huge funds Nigerians spent abroad on health care as ‘invisible import’ because it was not captured in the country’s regular trade figures.

According to her, the lack of health care infrastructure has made the country the third preferred destination in Africa for health care investments.

The NIPC survey, Sadiku said, showed that “Nigeria spends just two per cent of its Gross Domestic Product on health care. However, it has the high-operating costs and the lowest quality scores for such investment compared to Egypt, Tunisia, South Africa and Kenya. Nigerians are ranked the ninth largest contributor by foreign patient volume in the United Kingdom.

The International Finance Corporation estimated that from $10bn to $15bn would be required as infrastructure investment in Nigeria’s health care sector.

Speaking on the topic, ‘Prioritising investment promotion in Nigeria’s health care sector’, the NIPC CEO expressed the commission’s commitment to supporting investors to put in funds in the health sector.

Sadiku urged participants to identify and proffer workable solutions to the issues within the health sector in order not to only attract new investors, but also encourage the growth of existing businesses, and reduce Nigeria’s health import dependency.

To attract investors, participants at the summit suggested that similar to the pension scheme, health care insurance should be made mandatory for Nigerians.

They also identified the overlapping role of the Nigerian Health Insurance Scheme as both regulator and provider as a bottleneck because “the institution is competing with private Health Maintenance Organisations and controlling money that will help them to grow”.

Stakeholders also identified barriers hindering investment in the health care sector, saying that “health care is a long-term investment, which bankers do not understand, and therefore are reluctant to support”.

The Executive Secretary, National Health Insurance Scheme, Prof. Usman Yusuf, recently said that there was no record of the real number of people covered by the scheme in Nigeria.

As such, he said the agency would embark on biometric verification of the actual enrolees in the scheme in order to correct the lapses that had been identified in the implementation of the NHIS.

He said that he had already set up an enforcement department to ensure that the scheme would work for the benefit of Nigerians.

Yusuf said that the NHIS was the only effective means to achieve universal health coverage in Nigeria, where the rich and the poor would get health care without suffering any financial burden.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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SEC Gives Dangote Cement Waiver to File AFS Within 60 Days of Year-End

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Dangote Cement - Investors King

Dangote Cement Plc has received approval from the Securities and Exchange Commission (SEC) not to file its fourth-quarter unaudited returns within thirty days of its period end.

The company disclosed in a statement signed by Edward Imoedemhe, Deputy Company Secretary.

However, the company must file its annual audited financial statements within sixty days of its year-end.

Dangote Cement, therefore, announced that it will file its Audited Financial Statements for the period ended December 31, 2021, on or before February 28, 2022.

The statement reads “Dangote Cement Plc (“DCP”) hereby announces that further to its request for a waiver, the Securities and Exchange Commission has granted approval for DCP not to file its Fourth Quarter Unaudited Returns within thirty days of its period end, but to file its Annual Audited Financial Statements within sixty days of its year end.

“In view of this, DCP will file its Audited Financial Statements for the year ended December 31 2021, on or before February 28 2022.”

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Ardova Plc Commends Stanbic IBTC’s Support for LPG Storage Project

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Olumide Adeosun Ardova - Investors King

AP LPG terminal, a fully owned subsidiary of Ardova PLC, on Wednesday, 19 January 2022, performed the groundbreaking ceremony for the construction of a 20,000 metric tonne Liquified Petroleum Gas (LPG) storage terminal at the project site in Ijora, Lagos. The ceremony signified the official commencement of construction activities which is expected to be completed in December 2022.

Upon completion, the project will be the largest LPG storage facility in the nation and will ease some of the existing bottlenecks in the value chain for the supply of cleaner and more efficient energy for domestic use (cooking gas) in Nigeria, amongst other strategic benefits.

Olumide Adeosun, Group Chief Executive Officer, Ardova PLC, expressed his appreciation to Stanbic IBTC Infrastructure Fund for its commitment to the project and noted that the importance of having formidable partners for project development, planning, execution, and investment support cannot be overemphasised.

“We are pleased to have the support of the Stanbic IBTC Infrastructure Fund for its pioneering role in a transformational project within the LPG value chain, which will undoubtedly accelerate the various energy transition initiatives currently underway at Ardova PLC. This support has helped us commence construction of this 20,000 metric tonne LPG storage terminal, which is expected to bring efficiency and reliability of LPG supply to Nigerian consumers as well as create long term value for our shareholders; and for this, we are thankful”.

He noted further that “Beyond the cleaner energy premise, approximately 600 direct jobs will be created during the construction of the project and there is a multiplier effect of about additional 1,400 indirect jobs that will be created during the construction period after which it settles to about 250-300 jobs once the project becomes operational.

Oladele Sotubo, Chief Executive, Stanbic IBTC Asset Management, noted in his remark that “Across the globe, cleaner energy investments have continued to be the focus. Given the environmental sustainability benefits of this project, Stanbic IBTC Infrastructure Fund’s investment philosophy is properly aligned, hence the support for the 20,000 metric tonne Liquified Petroleum Gas (LPG) storage facility terminal”.

A portion of the first Tranche of the N100 billion Stanbic IBTC Infrastructure Fund, which closed in August 2021, was used to part finance the LPG storage terminal.

Sotubo went on to express his gratitude to Ardova for partnering with Stanbic IBTC Infrastructure Fund and used the opportunity to also commend all the Tranche 1 investors, including institutional investors such as Trustfund Pensions, Veritas Glanvills Pensions, NPF Pensions, Fidelity Pensions, Crusader Sterling Pensions, Agip CPFA, Progress Trust CPFA, AIICO Insurance, and other High Networth Individuals (HNIs), for the confidence reposed in the fund. He pointed out the impact their investment is making in terms of solving some of Nigeria’s infrastructure bottlenecks, creating jobs while earning returns. “As an organisation, we remain committed to bridging Nigeria’s infrastructure deficit through the provision of investment capital needed to develop projects”, he added”.

The Stanbic IBTC Asset Management Chief Executive highlighted that the Stanbic IBTC Infrastructure Fund remains dedicated to meeting the investment needs of its clients, providing them with the right investment vehicles, opportunities and professional investment services needed to achieve their financial objectives. He urged institutional investors such as pension fund administrators, insurance companies and asset managers to explore the unique opportunities of the Stanbic IBTC Infrastructure Fund in meeting their long-term financial goals.

Stanbic IBTC Infrastructure Fund remains committed to funding infrastructure projects with competitive return profiles, sustainable environmental practices, and the potential to positively impact the economy.

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CBN Plans to Start E-invoice For Import, Export Operations Feb 1

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e-invoice

The Central Bank of Nigeria has stated that it will begin the use of electronic invoices for import and export transactions in the country from February 1, 2022.

It noted that the electronic invoice will be submitted through the portal – Trade Monitoring System, a Nigeria single-window portal.

This was made known in a circular, on Friday signed by the CBN Director, Trade and Exchange Department, O. S. Nnaji, sent to all authorised dealers as well as made available on its official website for the general public.

With the title– ‘Guidelines on the introduction of e-valuation, e-invoicing for import and export in Nigeria,’ the circular stated that all import and export operations will now be done with an electronic invoice.

It noted that the e-invoice must be authenticated by an authorised dealer bank as part of the seller’s documentation for payment.

The CBN pointed out that the use of a hard copy final invoice will not be accepted from February 1 as it is now to be replaced with the electronic invoice.

Explaining the reason for the new regulation, it said the use of e-invoices is aimed at getting the exact value of import and export transactions in the country.

“This is to inform dealers and the general public that the introduction of e-valuator and e-invoice replaced the hard copy final invoice as part of the documentation required for all import and export transactions.

“This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria. 

“No importer/exporter may effect payment to the credit of any foreign supplier unless the electronic invoice has been authenticated by authorised dealer banks presented together with the relevant document for payments,” the circular read.

It also stated as part of the electronic invoice principles that products that are more than 2.5 percent around the vertical price would not be accepted nor allowed successful completion of Form M or Form NXP as the case may be.

Every importer or exporter of goods must ensure that the purchase/sale contract with a foreign supplier/buyer is in compliance with the guidelines of the new regulation.

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