The Central Bank of Nigeria (CBN) has disclosed that it is developing a framework to provide financial support to aid the fight against Coronavirus Disease in the country. Governor of the apex bank, Godwin Emefiele, disclosed this at the unveiling of the THISDAY Dome testing, tracing, and treatment centre in Abuja on Tuesday.
On the Twitter handle of the apex bank, Emefiele explained that the fund would be released as soon as the vaccine is validated by health authorities. He said,
“In order to encourage greater research and development in Nigeria of drugs and vaccines that would help prevent the spread of the virus, the CBN is developing a framework under which grants and long term facilities will be provided to researchers, science institutions and biotechnology firms to develop the Nigerian vaccine.
“Needless to state that if we are to wait for foreign countries to develop their own vaccines, we will be the last in the queue to receive curative remedies for our teeming population.
“The Central Bank of Nigeria today challenges Nigerian scientists at home and in the diaspora to go back to their laboratories and develop a Nigerian vaccine. Once validated by the health authorities, the CBN will step in and do the needful for the sake of over 200 million Nigerians now confronted by COVID-19.”
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Thread:#CBN develops framework for grants and long-term facilities to researchers, science institutions and biotechnology firms to develop Nigerian Vaccine for Corona Virus.
— Central Bank of Nigeria (@cenbank) May 12, 2020
Emefiele added that apex bank recently launched an N100bn healthcare intervention fund. “Practitioners in the Pharmaceutical and healthcare sectors will be able to access finance at a single-digit rate through this fund,” he said.
#Emefiele challenges Nigerian Scientists across the world to develop a Nigerian vaccine to check corona virus
— Central Bank of Nigeria (@cenbank) May 12, 2020
In a bid to cushion the effects of the pandemic on the Nigerian economy, the CBN has implemented several initiatives such as the provision of one trillion naira facility for firms operating in the agriculture and manufacturing sectors, according to Emefiele.
“We are also working with financial institutions to enable the continuous flow of credit to viable businesses while putting in place provisions such as moratoriums and restructuring of existing loans under CBN intervention funds, that have been provided to businesses,” he added.