CBN Invests N85.9bn In Health Sector

Governor, Central Bank of Nigeria (CBN), Godwin Emefiele says the bank has invested the sum of N85.89 billion in its Health Sector Intervention Facility (HSIF).

He made this known in Abuja on Tuesday while disbursing the sum of N253.54 million to five researchers for the development of Nigerian COVID-19 vaccines and vaccines for other diseases.

Emefiele said, “The CBN has over time emphasized the need for us to move from a consumer-based economy to a more productive economy. To this, the bank has developed intervention programmes and schemes across various sectors including the health sector.

“As part of proactive measures to support the growth of the Nigerian healthcare sector, the CBN introduced the Healthcare Sector Intervention Facility.

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“The facility is aimed at strengthening the sector’s capacity to meet the increasing demand for healthcare products and services, particularly pharmaceutical companies and other healthcare value chain players intending to build or expand capacity.

“Currently, 82 projects, valued at N85.89 billion, have been financed through this Scheme. The projects financed comprise of 26 pharmaceutical and 56 medical projects across the country.”

Eko Hot Blog learnt that Tuesday’s disbursement came under CBN’s Healthcare Sector Research and Development Intervention Scheme, HSRDIS.

Emefiele said the body of experts on the scheme, chaired by Prof. Mojisola Adeyeye, Director-General of the National Agency for Food and Drugs Administration and Control (NAFDAC) received 286 proposals from the general public, out of which 68 proposals had been evaluated.

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He said of those evaluated, “five proposals with significant merit valued at N253.54 million were recommended by the experts for financing.

“Some of the recommended proposals also have the potential to enable the development of the Nigerian vaccine for COVID-19.”

The CBN governor noted that COVID-19 “exposed the fragility of our healthcare system and the urgent need to look inward and build a more robust and sustainable healthcare.

“The response by some advanced and developing countries also reflected the significant advancements that have occurred in the health sector in those countries.

“Their investments in R&D enabled health institutions to develop a rapid response to Coronavirus, with the deployment of vaccines in record time.”

In his remarks, the Secretary to the Government of the Federation, SGF, Mr. Boss Mustapha, said the nation urgently needs mass production of COVID-19 vaccines.

“We need to mass-produce these vaccines and other medical products. All Nigerians must take the vaccines because nobody is safe until everyone is safe.”

He said officers had been sent out to monitor the vaccination across the country in order to ensure transparency and accountability.

Mustapha commended the initiatives of Mr. Emefiele for rallying Nigeria’s corporate organizations to fund the COVID-19 response through CACOVID.