The Federal Government has disbursed N100 billion to indigenous pharmaceutical manufacturers and healthcare investors as loans, to help expand their capital base and boost local production of medicines and medical consumables.
The health sector intervention scheme had been introduced by the federal government through the CBN as part of policy measures to mitigate the impact of the coronavirus pandemic on Nigeria’s economy.
This was made known by President Muhammadu Buhari when he received the new Executive members of the Nigerian Medical Association (NMA), in the Presidential Villa, Abuja, on Tuesday.
President Buhari explained that the loan was extended through the Central Bank of Nigeria (CBN)’s support to the private pharmaceutical sector, adding that the Health Sector Reform Committee chaired by Vice-President Yemi Osinbajo, is currently exploring models for revitalizing the nation’s healthcare system.
What President Muhammadu Buhari is saying
Buhari directed the Minister of Health to stem the tide of brain drain in the health sector and develop ways of turning the situation into ‘brain gain’ by engaging top Nigerian medical experts in the diaspora in knowledge and skills repatriation.
He urged the NMA and other stakeholders in the health sector to work with the committees set up to chart a fast track to a health system that best meets the needs of Nigerians in the 21st Century.
The President said, ‘‘I commend our medical professionals for their contribution to Nigeria’s exemplary management of the COVID-19 pandemic, the control of malaria, HIV and Tuberculosis, and other feats also achieved by Nigerian doctors in the diaspora.
‘‘Our response to COVID-19 pandemic has been praised internationally and your members are key parts of this success.
‘‘I recall that in the last quarter of 2021, the immediate past NMA executives visited me and presented recommendations for the health sector, which included the review and amendment of NHIS Act; upgrading and equipping existing health institutions; loans to fund hospital equipment; the repeal and re-enactment of the Medical and Dental Practitioners’ Act; and appeal for more funding for the four newly established Universities of Medical Sciences.
‘‘I am pleased to inform you that most of these recommendations have been addressed, whilst further action is being taken to study those involving cross-cutting administrative processes with legal implications.’’
What you should know
- Recall that as part of its policy response to the outbreak of the coronavirus pandemic, the CBN in 2020, introduced the Healthcare Sector Research and Development Intervention Scheme.
- The initiative was designed to trigger intense national research and development to develop a Nigerian vaccine, drugs and herbal medicines against the spread of Covid-19 and any other communicable and non-communicable diseases through the provision of grants to biotechnological and pharmaceutical companies, institutions, researchers and research institutes for the research and development of drugs, vaccine, others for prevention and treatment of infectious diseases.
- The N100 billion intervention fund to the health sector which is at a single-digit interest rate is from the Real Sector Support Facility – Differentiated Cash Reserves Requirement (RSSF-DCRR)
