Wednesday, 05 August 2020 05:36

CBN releases healthcare fund limit for beneficiaries

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Central Bank of Nigeria has set N500m as the maximum grant that a beneficiary can obtain under Covid-19 healthcare intervention fund.

CBN disclosed this in the draft of its guidelines on healthcare research and development grant released on Tuesday.

Part of the report on grant limit said, “Research activities; maximum of N50m and development/manufacturing activities: maximum of N500m.”

The regulator said the disbursement under the scheme would be made to beneficiaries in tranches subject to approved milestones achieved.

According to the draft guidelines, the timeframe for research activities should not be more than two years from the date of the release of fund.

It added that the timeframe for development/manufacturing activities must not be more than one year from the date of release of fund.

CBN said it introduced the Healthcare Sector Research and Development Intervention Scheme as part of its policy response to Covid-19 pandemic.

It said the scheme would help strengthen the public healthcare system with innovative financing of research and development in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria.

Specifically, it stated that the fund was designed to trigger intense national research and development activities to develop a Nigerian vaccine, drugs and herbal medicines against the spread of Covid-19 and any other communicable or non-communicable diseases.

CBN said the scheme was intended to boost domestic manufacturing of critical drugs and vaccines to ensure their sustainable domestic supply and reduce the bulk manufacturing costs of the drugs, herbal medicines and vaccines in Nigeria.

It further said, the objectives of the scheme include the provision of grants for research and development in new or revalidation of drug molecule, phyto-medicines and vaccines for the control, and prevention and treatment of infectious diseases in Nigeria.

It added that the scheme sought to boost domestic manufacturing of validated drugs (active pharmaceutical ingredients), herbal medicines and vaccines for the control, prevention and treatment of infectious diseases in Nigeria and reduce the nation’s dependence on other countries for these drugs and vaccines.