CBN Offers Local Drug Manufacturers N500m Maximum Grant

The Central Bank of Nigeria has unveiled guidelines for stakeholders interested in accessing the newly introduced funds for local healthcare research and development.

The CBN said the scheme would be funded from the developmental component of the Micro, Small and Medium Enterprise Development Fund.

According to the apex bank, the grant limit for research activities is a maximum of N50m; while development/manufacturing activities attract a maximum of N500m.

As part of its policy response to the COVID-19 pandemic, the CBN introduced the Healthcare Sector Research and Development Intervention Scheme to 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.

It said the HSRDIS was designed to trigger intense national R&D activities to develop a Nigerian vaccine, drugs and herbal medicines against the spread of COVID-19 and any other communicable or non-communicable diseases through the provision of grants to biotechnological and pharmaceutical companies, institutions, researchers, and research institutes.

The 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.

According to the guidelines, the disbursement under the scheme would be made to beneficiaries in tranches, subject to approved milestones achieved.

The CBN said the research and development timeframe would not be more than two years from the date of release of fund.

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