Central Bank of Nigeria invests $226 million in health sector

The Central Bank of Nigeria, CBN, has spent the sum of N85.89 billion on its Health Sector Intervention Facility (HSIF). 

CBN governor, Mr. Godwin Emefiele, disclosed this, in Abuja, yesterday, while disbursing the sum of N253.54 million to five researchers for the development of Nigerian COVID-19 vaccines and vaccines for other diseases.

Mr. 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.” 

Yesterday’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. 

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

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