A professor in the Department of Estate Management of the University of Lagos, Timothy Nubi, has said that the nation will require more than $498 billion to close the infrastructural deficit in the healthcare system.
Nubi disclosed this at a lecture, themed ‘African Real Estate Outlook: Find Value after the Great Reset’, in honour of the President of the African Real Estate Society, Dr. Kunle Awolaja, according to The Punch.
He declared, “Deficiencies in healthcare facilities are exposed, stressing hospitals and clinics. There is an increased need for investment in healthcare real estate.
“Taking into consideration the global average bed density of 2.9 beds per 1,000 population, the gap in the healthcare infrastructure and the total real estate investment required has been identified. With the exception of Ethiopia and Mauritius, most of the countries fall short of the global average and require a significant investment in healthcare infrastructure.
“Nigeria, for example, requires 415,000 beds, costing over $498bn, Egypt requires 177,000 beds with an infrastructure investment of $213bn. The identified gap in healthcare infrastructure presents both challenges and opportunities for investors, governments and healthcare stakeholders.”
Nubi claims that the real estate and healthcare industries are developing across Africa, with a particular emphasis on building more hospitals and medical facilities.
“The healthcare sector in Africa is expanding, driven by increasing urbanisation, aging populations, and rising incomes. Countries like Nigeria, Kenya, and South Africa are prominent due to their large populations and improving healthcare infrastructure.
“There is a strong focus on developing hospitals, clinics, and healthcare facilities. Hence, investment in state-of-the-art healthcare facilities, medical tourism, and healthcare parks is crucial.
“However, the challenges are the regulatory hurdles, the need for skilled healthcare professionals, and infrastructure deficits in some regions.”
Speaking on leveraging the power of collaboration, the President-Elect – International Real Estate Society, Prof. Omokolade Akinsomi, said collaborations contribute to the advancement of property research, education, and application.
He stated, “Partnerships between industry and academics inspire new knowledge, which can stimulate innovation and economic growth.
“Partnerships provide financial support and give universities access to resources to fund research.”
In his address, the President of the African Real Estate Society, Dr Kunle Awolaje, noted that the lecture theme was a challenge to find value and opportunity in the face of global shifts.
He said, “Another cornerstone of our progress is the establishment of the AFRES academy. This institution is envisioned as a premier training ground for our members, equipping them with the skills and knowledge necessary to excel in our dynamic industry.”
