The Bank of Industry (BOI) and the National Health Insurance Authority (NHIA) have signed a Memorandum of Understanding (MoU) to expand access to health insurance for Nigerian businesses, particularly Micro, Small and Medium Enterprises (MSMEs), cooperatives, and individual entrepreneurs.
The partnership aligns with the Presidential directive mandating health insurance nationwide and seeks to reduce catastrophic out-of-pocket healthcare expenses among Nigerians. Under the collaboration, health insurance enrolment will be integrated into BOI’s loan application and disbursement processes, ensuring that BOI-funded beneficiaries and their employees are enrolled in NHIA-approved health insurance schemes.
Speaking at the signing ceremony, the Director-General of NHIA, Kelechi Ohiri, described the partnership as a critical step toward aligning development finance with national health priorities. He noted that making health insurance a prerequisite for accessing BOI facilities would improve health outcomes, enhance productivity, and accelerate progress toward Universal Health Coverage in Nigeria.
The collaboration is anchored on provisions of the National Health Insurance Authority Act, 2022, which makes health insurance compulsory for all residents in Nigeria, and follows President Bola Tinubu’s directive enforcing nationwide implementation across Ministries, Departments, and Agencies.
The Managing Director and Chief Executive Officer of BOI, Olasupo Olusi, described the MoU as a strategic response to Nigeria’s evolving healthcare, productivity, and inclusion priorities. He stated that integrating health insurance compliance into BOI’s financing processes translates national policy into practical action within the private sector, strengthens enterprise resilience, and supports sustainable economic growth.
The partnership reinforces BOI’s commitment to human capital development, financial inclusion, and long-term economic resilience by ensuring that businesses and their workers are protected against the financial risks associated with ill health.
