How Pharmaceutical, Healthcare Businesses Can Access CBN Loan At Lower Interest Rate

Do you own a business operating in the pharmaceutical and healthcare industries and your company is in need of loan at a lower interest rate? You can now borrow loans at a cheaper lending rate from Access Bank's relief package to allow your business to continue operation.

Access Bank is offering a loan package for companies in the pharmaceutical and healthcare industries at a lending rate of five per cent. This is to enable these companies to mitigate the adverse effect of coronavirus pandemic and lockdown on their finances.

The loan relief comes from the Central Bank of Nigeria (CBN) credit support scheme. This is an initiative to support the pharmaceutical and healthcare industries, all of which are in the forefront of the fight against COVID-19. Currently, there are 9302 confirmed cases of COVID-19 in Nigeria.

Access Bank has decided to invest heavily in the sector in order to boost the effectiveness of the pharmaceutical and healthcare businesses amidst the pandemic and cushion the financial implications of COVID-19. The five per cent lending rate for the loan will apply till next year, February 28, 2021, however, the interest rate will return to nine per cent from March 1, 2021.

Speaking on the essence of the loan package, Access Bank’s Group Managing Director, Herbert Wigwe, said, “It has become clear to all and sundry that Nigeria’s healthcare sector is in dire need of revitalisation and Access Bank, under the auspices of the Central Bank of Nigeria, will be investing heavily in this sector in the coming months.

"We would be looking to grow Nigeria’s capacity to not only manufacture drugs and other medical supplies locally but also encourage entrepreneurs to take advantage of the opportunities that lie within the sector,” Wigwe said.