Posted on: Tue 17-08-2021

At least 90 percent of the N100 billion COVID-19 intervention fund from the Central Bank of Nigeria (CBN) has been disbursed to pharmaceutical firms to boost local production.

President of the Pharmaceutical Society of Nigeria (PSN), Mazi Sam Ohuabunwa, who spoke to newsmen in Lagos yesterday, confirmed this, saying, the intervention has impacted on the sector but that the challenge of the lack of access to foreign exchange (forex) remains.

He said, “The CBN and COVID-19 intervention funds, laudable ideas as it is, are yet to achieve their objectives. The impact of difficulty in forex access is that it portends grave danger and may undermine the noble objectives.”

In response to the COVID-19 pandemic, CBN in April 2020 extended the credit facilities of up to N100bn to support intervention efforts in the healthcare sector.

Chairman, Pharmaceutical Manufacturers Group of Manufacturers Association of Nigeria (PMG-MAN), Dr. Fidelis Ayebae, confirmed that many firms that applied have got the fund which has really impacted on their operation.

A consultant pharmacist and medical director, Merit Healthcare, Dr. Lolu Ojo, said although the fund was released late, many big companies have been able to access it.

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