Former Vice President of Nigeria, Yemi Osinbajo, has urged African leaders to reposition health financing as a critical driver of economic growth and resilience, rather than treating it solely as a social expenditure.
Osinbajo made this call while delivering the opening keynote address at the 58th Session of the Conference of African Ministers of Finance, Planning and Economic Development held in Tangier. His address, titled “Health as Sovereign Investment: The Macroeconomic Imperative,” coincided with the launch of the “Transforming Health Financing in Africa” initiative by the United Nations Economic Commission for Africa.
In his remarks, Osinbajo emphasised that investments in healthcare systems are fundamental to enhancing productivity, strengthening national resilience, and ensuring sustainable economic development across the continent. He noted that economies that prioritise the health of their populations are better equipped to withstand external shocks and maintain long-term growth trajectories.
According to him, a paradigm shift is required among policymakers to recognise health financing as a sovereign investment with measurable macroeconomic returns. He argued that improved healthcare outcomes directly impact workforce efficiency and national prosperity, making it an indispensable component of economic planning.
The high-level session brought together key stakeholders and policymakers from across Africa and the global development community. Among those in attendance were Claver Gatete, Executive Secretary of UNECA; Mahmoud Ali Youssouf, Chairperson of the African Union Commission; and Nadia Fettah Alaoui, Minister of Economy and Finance of Morocco.
Also present were Ahunna Eziakonwa, Assistant Secretary-General of the United Nations and Regional Director for Africa at the United Nations Development Programme; Paul Tasong; Mohamed Yakub Janabi of the World Health Organization; Delese Mimi Darko; and Michel Sidibé.
Osinbajo noted that the gathering provided an opportunity to engage with continental leaders and development partners on advancing innovative financing mechanisms for healthcare systems in Africa.
The launch of UNECA’s initiative is expected to catalyse new approaches to health financing, including mobilising domestic resources, leveraging public-private partnerships, and strengthening institutional frameworks to improve access to quality healthcare across the continent.
Analysts say the renewed focus on health as an economic priority comes amid growing recognition of the lessons from recent global health crises, which exposed vulnerabilities in healthcare systems and underscored the link between public health and economic stability.
Osinbajo concluded by reiterating that Africa’s long-term development goals will depend significantly on how effectively countries invest in the wellbeing of their citizens, positioning health not just as a moral imperative, but as a cornerstone of economic transformation.