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  • Business - Economy
  • Updated: March 10, 2021

CBN Finances 82 Projects Worth N85.89bn, Receives 286 Proposals For Health Research Grants

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has revealed that the agency has financed 82 projects, valued at N85.89 billion through its Healthcare Sector Intervention Facility (HSIF).

Emefiele also disclosed that the agency received over 286 proposals from the public for grants under its Healthcare Sector Research and Development Intervention Scheme.

The CBN Governor stated this while disbursing the sum of N253.54 million to five researchers for the development of Nigerian COVID-19 vaccines and vaccines for other communicable diseases in Abuja on Tuesday.

Speaking at the award ceremony, he stated that “over 286 proposals from the general public were received and so far, 68 proposals have been evaluated, out of which five proposals with significant merits valued at N253.54 million were recommended by the experts for financing”.

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

READ ALSO: CBN Extends Covid-19 Tolerance On Intervention Loans By One Year

Most of the recipients of the grant are from academia, “a sector that had lacked funding for research”, Emefiele said.

The Healthcare Sector Research and Development Intervention Scheme (HSRDIS), under which the grant was awarded, is part of the CBN’s policy response to the Coronavirus (COVID-19) pandemic. It is “aimed at prompting intense research and development (R&D) activities towards developing vaccines and drugs against the spread of other communicable and non-communicable diseases”.

Emefiele noted that “a vibrant and innovative health care system is vital for our national security”.

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.

“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.”

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Adedayo Babatunde
Adedayo Babatunde

Adedayo Babatunde is a seasoned journalist and an enthusiastic organic writer, who is passionate abo...

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