The Bank of Industry (BOI) and the National Health Insurance Authority (NHIA) have signed a Memorandum of Understanding (MoU) aimed at accelerating compliance with Nigeria’s mandatory health insurance law and expanding coverage among Micro, Small and Medium Enterprises (MSMEs), cooperatives and individual entrepreneurs.
The agreement, signed yesterday, is designed to integrate health insurance enrolment into enterprise financing, leveraging BOI’s role as a key development finance institution to drive wider participation in approved health insurance schemes.
Speaking at the ceremony, BOI’s Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, said the partnership aligned with Nigeria’s healthcare, productivity and inclusion priorities under President Bola Tinubu’s Renewed Hope Agenda.
According to him, the MoU reflects BOI’s commitment to universal health coverage and sustainable economic development, noting that the bank is an early adopter of the presidential directive on mandatory health insurance.
“This collaboration with NHIA reflects our belief that strong human capital is fundamental to productivity, resilience and long-term economic growth,” Olusi said. “By integrating health insurance compliance into our loan engagement processes, we are translating national policy into practical action across the private sector.”
He explained that as BOI continues to strengthen its environmental, social and governance (ESG) framework, sustainability considerations are being deliberately embedded into its credit processes.
Olusi added that access to healthcare enhances workforce stability, improves productivity and reduces out-of-pocket medical expenses for both businesses and their employees, while aligning public policy objectives with private sector execution.
In his remarks, the Director-General and Chief Executive Officer of NHIA, Dr. Kelechi Ohiri, described the MoU as a major 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, enforcement gathered momentum following a presidential executive order issued in September to operationalise the law.
“Insurance is about trust and social protection,” he said. “Workers who are driving our economy deserve financial protection against the catastrophic costs of illness. 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 taking the lead and setting an example for other institutions, noting that the partnership would facilitate the enrolment of BOI-funded enterprises and their employees into NHIA-approved health insurance schemes.
Ohiri said the collaboration supports President Tinubu’s goal of achieving universal health coverage under the Health Sector Renewal Investment Initiative led by the Coordinating Minister for Health and Social Welfare.
He outlined NHIA’s strategy as resting on four pillars: expanding coverage through enforcement of the insurance mandate, ensuring equity so no one is left behind, improving quality of care, and enhancing productivity by reducing illness-related work disruptions.
Under the MoU, health insurance enrolment will become a compliance requirement in BOI’s loan application and disbursement processes, targeting MSMEs, cooperatives and individual entrepreneurs seeking BOI financing who are not yet enrolled in health insurance schemes.
A statement on the collaboration said 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 enterprise financing platform, the partnership is expected to accelerate health insurance compliance nationwide, improve health outcomes, reduce mortality rates and advance Nigeria’s drive toward universal health coverage.
Ohiri assured that NHIA would provide ongoing technical support to BOI and participating businesses to ensure smooth and effective implementation of the initiative.
