Naija Doctors Should Be Financially Literate

• Dr. ABAYOMI AJAYI Explains

On 23rd November 2024, Nordica Fertility Centre, Lagos, hosted its highly anticipated Physicians’ Round Table (PRT)—a unique program designed to provide medical professionals with an opportunity to unwind, network, and exchange knowledge.

Dr. Abayomi Ajayi, a renowned gynecologist and MD/CEO of Nordica Fertility Centre during his opening remarks passionately emphasized the urgent need for doctors to embrace financial literacy, positioning it as a critical tool for navigating economic hardships and finding success locally instead of joining the JAPA trend abroad in search of greener pastures.

“It’s a privilege and an honor to address my colleagues,” Dr. Ajayi began. Reflecting on the impact of COVID-19, he noted that the pandemic has divided history into “pre-COVID and post-COVID” eras. He encouraged doctors to refocus on building sustainable practices within Nigeria.

“First and foremost, financial literacy is key,” he asserted. “This is one of the things we have lacked over the years. Many doctors are confined to their consulting rooms, waiting for patients to come. But do we know how to manage money? If you can’t manage your own money, how can you manage other people’s money?”

Dr. Ajayi cited an example from the UK, where financial literacy is now being taught in schools to help young people make informed decisions. “It’s critical for doctors in Nigeria to adopt a similar mindset. Don’t just focus on the clinical side—understand the business of medicine.”

Beyond financial literacy, Dr. Ajayi underscored the importance of collaboration among medical professionals. “Doctors are very poor at working together,” he observed. “Many practices started by friends have collapsed because of personal disagreements. The truth is, the sky is big enough for all the birds to fly without touching each other.”

He pointed to examples abroad, such as a U.S. practice with 200 gynecologists operating across multiple states. “Why can’t we replicate this in Nigeria? The older generation should not fear handing the baton to younger doctors, and younger doctors must show respect for their seniors. Mentorship, not bullying, is the key to fostering this collaboration.”

Dr. Ajayi lamented the decline in mentorship within Nigeria’s medical field. “There’s a lot of information available now but very little wisdom,” he said. He emphasized that understanding bridges the gap between information and wisdom.

“Many hospital owners don’t have successors. After running a hospital for decades, they either sell it or shut it down because they have no one to hand it over to. This is why we need a revival of mentorship.” He announced plans to launch a financial literacy course targeted at young doctors, with contributions from mentors across various fields.

“Business is business, whether it’s medical, musical, or anything else,” Dr. Ajayi stated. “Doctors need to understand that they are exchanging value for money. We must move beyond the mindset that ‘we are different because we save lives.’ Even pilots save lives—they carry hundreds of people on board daily, yet they follow strict protocols.”

The 2 speakers at the event, Dr. Victor Ajayi and Dr. Tope Olowogbayi, both senior gynecologists at Nordica Fertility Centre. Dr. Victor Ajayi provided updates on advancements in Assisted Reproductive Technology (ART), while Dr. Olowogbayi highlighted the benefits of the novel High-Intensity Focused Ultrasound (HIFU) machine in treating uterine fibroids with a record of 577 patients being treated within 3 years of its introduction.

The day concluded with rich insights and practical takeaways for the attending physicians, who left equipped with strategies to elevate their professional careers.

As Dr. Ajayi aptly put it, “The future of medical practice in Nigeria depends on our willingness to adapt, collaborate, and mentor the next generation. With financial literacy and teamwork, we can create a sustainable system that benefits both doctors and patients.”