Academic Community Gets Lion Share of CBN’s 85b Grant

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The Central Bank of Nigeria (CBN) says most of the proposals it received were from academic community especially in the health sector for research and development of local solutions.

The Apex bank says it financed 82 projects, valued at N85.89 billion through its Healthcare Sector Intervention Facility.

The projects comprised 26 pharmaceutical and 56 medical projects across the country.

Godwin Emefiele CBN Governor
Godwin Emefiele CBN Governor

The CBN gave out grants valued at N253.54 million to five researchers to develop vaccines and drugs for communicable diseases, including Coronavirus. Emphasis on manufacturing pharmaceutical products and drugs has been a major priority since last year, hence the CBN grant for health research.

“over 286 proposals from the general public were received and so far, 68 proposals have been evaluated, out of which five proposals with significant merits valued at N253.54 million were recommended by the experts for financing”, CBN Governor, Godwin Emefiele stated this on Tuesday in Abuja.

Some of the recommended proposals, he said, “have the potential to enable the development of the Nigerian vaccine for COVID-19”. The decision to provide grants to the academic community for health research is not unconnected with the fact that the education sector is mostly neglected.

The Healthcare Sector Research and Development Intervention Scheme (HSRDIS), under which the grant was awarded, is part of the CBN’s policy response to the Coronavirus (COVID-19) pandemic. It is “aimed at prompting intense research and development (R&D) activities towards developing vaccines and drugs against the spread of other communicable and non-communicable diseases”.

Emefiele noted that “a vibrant and innovative health care system is vital for our national security”.

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