Covid-19: Check out the List of pharmaceutical firms that will receive grants from the CBN

Must Read

Sanwo-Olu Commissions 264 Units of Flats in Lekki (Photos)

"We Will Build Affordable Houses For Lagosians-Sanwo-Olu" ...Project is a successful public-private collaboration- Commissioner The Lagos State Governor Mr. Babajide Olusola...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

Dangote Sugar Refinery Plc appoints new Executive Director

Dangote Sugar Refinery Plc. wishes to notify the Exchange and the investing public that at the Board of Directors...
Covid-19: Check out the List of pharmaceutical firms that will receive grants from the CBNCovid-19: Check out the List of pharmaceutical firms that will receive grants from the CBN

The Central Bank of Nigeria (CBN) and the Bankers Committee have announced a list of local pharmaceutical companies that will be engaged in their intervention programme in a bid to curtail the spread of the Coronavirus disease. The companies will be given the grant to enable them to procure raw materials and equipment to boost local drug production in Nigeria.

Mr.Godwin Emefiele, the CBN Governor disclosed this on Friday, during a press briefing in Abuja.

The Bankers’ Committee gave its full support to the policy measures amounting to over N3.5 Trillion earlier announced by the CBN in response to the economic impact of the COVID-19 on Nigeria.

Some of the pharmaceutical companies listed by the CBN Governor are May and Baker Plc, Neimeth International Plc, Unique Pharma, Swiss Pharma, Dana Pharma, Orange Drugs, Sagar, GSK, Emzor Pharmaceuticals.

- Advertisement -

Mr Emefiele also mentioned that the list was not exhaustive as more companies could also benefit.

According to Emefiele “the Bankers’ Committee took the decision to support the pharmaceutical companies given the fact that the present pandemic was of grave public health concern, coupled with the fact that many drug-manufacturing countries planned or had already banned the export of drugs and medical supplies from their respective countries, thereby leaving Nigeria no choice but to produce the drugs locally.”

Read Also:  Central Bank of Nigeria awards financial services licence to MTN subsidiary

Emefiele also disclosed that engagements will be held with correspondent banks, trade creditors, trading partners regarding existing letters of credit and trade commitments. In a rather altruistic tone, the CBN Governor also said that profit would not be the primary motive at this time “rather, preserving confidence, financial stability and support for the economy will be the overriding objectives.”

In line with his drive for supporting locally made goods and services, the CBN Governor and the Bankers’ Committee advised Nigerians and companies to prioritize their import needs and focus more on sourcing raw materials and input locally.

- Advertisement -

Emefiele pointed out that in the course of the meeting, the Minister for Finance, Budget and National Planning, Zainab Ahmed, called and specifically requested that the CBN and the Bankers Committee pay particular attention to the health sector.

Ahmed assured of Federal Government’s intention from the fiscal side, to provide waivers and incentives to encourage the pharmaceutical industry to come back again alive in Nigeria.

- Advertisement -
Covid-19: Check out the List of pharmaceutical firms that will receive grants from the CBNCovid-19: Check out the List of pharmaceutical firms that will receive grants from the CBN

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Covid-19: Check out the List of pharmaceutical firms that will receive grants from the CBNCovid-19: Check out the List of pharmaceutical firms that will receive grants from the CBN

Latest News

Sanwo-Olu Honours COVID-19 Frontline Health Workers to Commemorate One Year in Office

As part of activities marking his first year in office, the Governor of Lagos State, Mr. Babajide Sanwo-Olu today...

Countries failing to stop harmful marketing of breast-milk substitutes, warn WHO and UNICEF

Agencies encourage women to continue to breastfeed during the COVID-19 pandemic A new report by WHO, UNICEF, and the International Baby Food Action Network (IBFAN)...

Sanwo-Olu Dedicates First Anniversary to Frontline Health Workers, Honours Medical Personnel

We’ll Not Forget Your Sacrifice The supreme sacrifice by the frontline health and emergency workers in giving their all to the response in containing the...

5 Things to Expect from the Pepper Dem Reunion Show

The Big Brother Naija Pepper Dem Reunion show premieres Monday, 1st June 2020 and fans of the reality TV show should get ready to...

Google announces Plus Codes in Google Maps; Rolls out simple digital addressing to Android users

While most people take having a fixed, physical address for granted, 2 billion people across the globe either don't have an address or have...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Covid-19: Check out the List of pharmaceutical firms that will receive grants from the CBNCovid-19: Check out the List of pharmaceutical firms that will receive grants from the CBN