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, focused on Micro, Small and Medium Enterprises (MSMEs), cooperatives, and entrepreneurs.
The partnership aligns with the Presidential directive mandating health insurance nationwide and is aimed at reducing 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. This will ensure 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 said making health insurance a requirement for accessing BOI facilities would improve health outcomes, enhance productivity, and speed up progress toward Universal Health Coverage in Nigeria.
The collaboration is anchored on the provisions of the National Health Insurance Authority Act, 2022, which makes health insurance compulsory for all residents in Nigeria. It also follows President Bola Tinubu’s directive enforcing nationwide implementation of health insurance 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.
Olusi added that the move strengthens enterprise resilience, supports sustainable economic growth, and protects businesses and workers from financial risks linked to ill health. The partnership also reinforces BOI’s commitment to human capital development, financial inclusion, and economic resilience.
The BOI–NHIA partnership also aligns with efforts by the Bank of Industry to deepen access to inclusive financing for small businesses, including the rollout of targeted funding interventions such as the GLOW Loan.
