CBN disburses N85bn as credit support to 80 health projects

CBN disburses N85bn as credit support to 80 health projects

The Central bank of Nigeria (CBN) has stated that it has disbursed over N85 billion to no fewer than 80 projects, under its Healthcare Credit Support scheme, the bank’s Director of Development Finance, Mr Yila Yusuf, announced,

In an interview on Wednesday, March 10, in Abuja, Yusuf said that the projects cut across medical, pharmaceutical, herbal, and other related products, and a funeral home.

He spoke against the backdrop of the apex bank’s award of N253.54 million Healthcare Sector Research and Development Intervention Scheme (HSRDIS) grants to five researchers on Tuesday.

“In the healthcare credit support scheme, we have disbursed over N85 billion to more than 80 projects, mainly to reposition and enhance the capacity of hospitals and pharmaceutical companies. We even financed a funeral home,’’ he said.

He said under the HSRDIS, an impanelled body of experts, chaired by Prof. Mojisola Adeyeye, Director General of National Agency for Food and Drug Administration and Control (NAFDAC), received over 200 research entries, evaluated 68 and picked the best five entries for the grants.

He added that more grants would be awarded, as entries continued to be evaluated; while the grants were being disbursed on a “milestone basis’’, rather than as a “bullet payment’’.

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“Mr Godwin Emefiele, the CBN Governor, has restated the apex bank’s commitment; to supporting the growth of Nigeria’s health sector; while assuring that more grants will be awarded based on the recommendations of the Body of Experts,” Yusuf said.

He urged corporate organisations to support research and development for the overall good of Nigeria.

1st News garnered that the CBN approved a N100 billion credit support scheme for the healthcare sector in 2020; in response to the COVID-19 pandemic.

Meanwhile, the United Arab Emirates (UAE) on Wednesday, March 10, said Nigeria remained the largest economy in Africa.

This was contained in a statement signed by the Embassy of UAE in Abuja.

It stated that the Embassy had commenced a series of trade and investment promotion activities; aimed at bolstering the bilateral trade and investment volume between Nigeria and the UAE.

1st News garnered that the trade promotion initiative was coordinated in collaboration with the UAE International Investment Council (UAEIIC); the UAE Ministry of Economy; and the Federal Ministry of Industry, Trade and Investment in Nigeria.

According to the embassy, the initiative focuses on attracting key industry stakeholders and investors across all sectors in Nigeria and the UAE; in a bid to develop and explore future trade opportunities.

“Nigeria has been chosen among the 34 selected countries globally participating in the initiative; because of its pivotal position as a top investment market in the West African region; as well as its overall economic influence in Africa,” said the statement.

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