A Nigerian business management professional and diplomat, Adeyinka Asekun, has said Nigeria could generate up to $6.25 billion yearly for healthcare by closing a quarter of its estimated revenue gap and investing the proceeds in the sector.

Asekun, a former Nigerian High Commissioner to Canada, said Nigeria had strong healthcare demand but lacked a system capable of turning it into dependable services and investable opportunities.

He said government could not achieve universal healthcare alone, stressing the need for increased public financing, private investment and stronger coordination among providers, insurers, manufacturers, pharmacies, technology firms, banks and investors.

According to him, Nigeria could draw lessons from the telecommunications revolution, where government created credible rules, licensed operators and built investor confidence rather than providing the infrastructure itself.

“Capital moves when rules are credible, demand is organised and payment is dependable,” he said, identifying pharmaceutical manufacturing, diagnostics, primary healthcare, supply chains, facility power and digital health as major investment opportunities.

However, he said many opportunities remained concepts rather than investable projects because investors lacked clarity on operating models, revenue sources, regulation, risks, returns and payment security.

Asekun said strengthening the healthcare market should begin with domestic resource mobilisation. Citing AfriCatalyst research, he said Nigeria forfeited between $12.5 billion and $25 billion in revenue annually, with the compliance gap larger than the policy gap.

He urged government to focus on collecting revenue already legally due, reducing leakages, simplifying compliance and strengthening digital administration, rather than imposing additional taxes on households already burdened by inflation.

Closing one-quarter of the estimated revenue gap, he said, could generate between $3.1 billion and $6.25 billion annually to support the Basic Health Care Provision Fund (BHCPF), expand National Health Insurance Authority (NHIA) coverage and strengthen primary healthcare.

He argued that stronger public financing, if properly governed, would attract rather than crowd out private capital by creating predictable demand. A reliably funded BHCPF, he explained, would boost demand for medicines, diagnostics and facility services, while wider NHIA coverage could transform unpredictable out-of-pocket payments into an organised purchasing pool for investors.

Asekun identified three conditions for unlocking investment: credible government, investable projects and inclusion. He said government must release funds on time, pay claims predictably and report performance transparently. “Investors can price risk, but they cannot price chronic uncertainty,” he said.

He also urged federal and state institutions to develop costed projects with clear financing structures, responsibilities, risks and measurable outcomes.

Investment, he added, must reach underserved communities rather than create only premium urban facilities for those who can afford them.

Asekun cited healthcare financing and delivery models in Rwanda and Ghana, as well as the Africa Frontline First Catalytic Fund, as examples of how private-sector capacity can deliver greater public value when integrated into national systems.

He also urged businesses seeking public contracts, guarantees or organised demand to disclose costs, meet service standards, invest for the long term and accept rigorous oversight.

He said government and business had complementary roles, with government responsible for mobilising resources fairly, protecting vulnerable groups, establishing credible rules and purchasing essential services, while businesses should invest, innovate, manage risks and scale delivery.

Asekun maintained that credible regulation, reliable payment systems and a strong pipeline of investable projects would give investors the confidence to commit capital to Nigeria’s healthcare sector.