Nigeria: N100bn Health Sector Intervention Scheme Operational Till 2030 - CBN

30 March 2020

Central Bank of Nigeria (CBN) said that the N100 billion credit support to the health sector created as part of measures to address the impact of the Coronavirus, COVID-19, pandemic on the Nigerian economy, will operate till 2030.

The apex bank disclosed this in the guidelines for the scheme released last week, stating that: "The exit date of this intervention is December 31, 2030."

The guidelines also revealed that borrowers under the scheme will enjoy five percent interest rate till February 28, 2021, after which the interest rate will be reversed to nine percent.

Explaining the objectives of the fund, the CBN stated that "the broad objectives of the scheme include: reduction of health tourism to conserve foreign exchange; providing long-term, low cost finance for healthcare infrastructure development that would lead to the evolvement of world-class healthcare facilities in the country; improving access to affordable credit by indigenous pharmaceutical companies to expand their operations and comply with the World Health Organization's Good Manufacturing Practices (WHO GMP); and supporting the provision of shared services through one-stop healthcare solution to enhance competition and reduce the cost of healthcare delivery in the country."

Vanguard

See What Everyone is Watching

More From: Vanguard

Don't Miss

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.