Experts seek overhaul of Nigeria’s health financing system
A professor of Microbiology, Simiat Olanike Jimoh, has warned that Nigeria’s heavy reliance on imported pharmaceuticals, polymers and bio-based chemicals is exerting significant pressure on the country’s foreign reserves, calling for urgent investment in local production through biotechnology.

Jimoh raised the concern while delivering the first inaugural lecture of the Federal University of Health Sciences, Ila-Orangun, Osun State, titled: ‘Fermenting the Future: Harnessing Microbial Metabolism for Sustainable Biotechnological Innovations’.

She noted that the continued importation of essential drugs, polymers, and other bio-based chemicals has not only undermined Nigeria’s industrial independence but also contributed to persistent foreign exchange outflows.

According to her, the situation is unsustainable, particularly amid economic challenges and the need to strengthen domestic production capacity. She stressed that Nigeria possesses the resources required to reverse the trend if it invests in microbial biotechnology and related industries.

“Nigeria has abundant agricultural residues and a rich pool of indigenous microbial diversity that can be harnessed to produce pharmaceuticals and other high-value products locally.

If properly developed, these resources can reduce our dependence on imports and ease the pressure on foreign reserves,” she said.

MEANWHILE, health policy experts have called for a comprehensive overhaul of Nigeria’s healthcare financing system, warning that millions of citizens are being priced out of essential medical services due to heavy reliance on out-of-pocket payments and low insurance coverage.
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They made the call during a webinar hosted by SYNLAB Nigeria, themed: ‘Enabling Healthcare Financing for Complete Patient Care’, where stakeholders highlighted urgent reforms needed to make healthcare more accessible, affordable, and prevention-driven.
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According to data cited at the event, Nigeria funds about 70 per cent of its healthcare through direct household spending, while fewer than 10 per cent of citizens are covered by any form of health insurance. This model, experts noted, discourages early care-seeking and often pushes families into poverty when illness occurs.