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

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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.

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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:  COVID-19 And Nigeria: Sectors To Watch Out For Post COVID-19

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.

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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.

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

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

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Singapore Employees Lack Retirement Support From Companies While Financial Wellbeing Becomes a Top Priority: Aon Survey

SINGAPORE - Media OutReach - 14 April 2021 - Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, has released the findings of the 2021 Trends in Retirement & Financial Wellbeing survey for Singapore.


Working adults in Singapore ranked retirement planning as their top priority but an alarming 80% underestimate how much they really need to retire. While retirement support from employers is also lacking, further challenges remain around transparency in group retirement plans' investment offerings and employees foregoing long-term perspectives to seek short-term gains.


Ashley Palmer, Regional Managing Partner, Retirement & Investments, Asia for Aon, said, ""Employers can have a significant impact on how much their employees save by instilling smart habits and healthy money behaviours. The right long-term savings vehicles, effective communications and financial tools will help Singapore's workforce be more financially resilient in the wake of the COVID-19 pandemic."


The survey identifies three main themes in financial wellbeing and retirement support for Singapore employees.

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Financial wellbeing support is the new employee expectation. As a result, close to 40% of employers rank an employee financial wellbeing strategy as their highest priority, followed by emotional and mental wellbeing support. The survey shows that 70% of Singapore employers will formulate or execute financial wellbeing programmes throughout 2021, in line with employee expectations. Companies also view offering a financial wellbeing programme critical in increasing employee engagement and remaining competitive in the talent market.


There is an increasing trend of employer-led supplementary savings plans. Currently, 22% of companies surveyed offer Central Provident Fund (CPF) top-up contributions to citizens and Permanent Residents. But, close to 40% of the working population in Singapore are foreigners who do not have access to CPF and are likely to have foregone their retirement benefits in their home countries. To bridge this gap, and to provide equitable retirement benefits to all employee groups, close to 50% of the organisations surveyed offer supplementary retirement benefits to their foreign staff. Financial services firms are leading in this practice, followed by the technology and the healthcare sectors.


Promisingly, a third of organisations in Singapore are prioritising a thorough review of their supplementary retirement arrangements in 2021.


Alicia Brittain, Senior Consultant & Actuary, Retirement & Investments, Singapore for Aon, said, "Forward-looking companies first need to understand the financial worries of their employees and identify the gaps in their benefits offering. The most effective approaches are aimed at changing individual behaviours towards money and savings and providing accessible programmes and vehicles to deliver sustainable change. For example, when organisations provide retirement benefits as cash-in-lieu, it is most likely immediately spent and so does not form part of an emergency fund or long-term savings for the employees' retirement years. Supplementary retirement plans solve this issue and are more flexible and cost effective - and can also offer contributions above the monthly CPF wage cap to increase employee savings."


Employees in Singapore lack a well-defined default investment strategy. Less than 30% of the surveyed companies in Singapore currently offer their employees an investment choice in their retirement plans, and only 15% of retirement plans have a default investment fund. This leads to employees selecting their own optimal investment funds. They may lack experience in understanding investments, which can lead to misallocating their money and result in inadequate retirement savings or excessive risk taking.


Brittain added, "The key to protecting employees and adding value to savings in any defined contribution retirement plan is a well-defined default investment strategy. This includes frequent performance monitoring, actively managing investment risks and dynamically reducing investment risk as employees move towards retirement."


Notes to Editors

The Aon 2021 Trends in Retirement & Financial Wellbeing for Singapore survey was designed to help organisations understand the unique retirement and financial needs of their Singapore workforce. This tri-annual survey was completed by organisations with employee populations ranging from five to over 4,000 and are based in Singapore. Responding Rewards and Benefits Leaders, HR and Finance Professionals provided feedback and insight on their organisations' financial wellbeing and retirement programmes, interests and concerns. Click here for the full report.

About Aon

Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

Follow Aon on Twitter and LinkedIn


Stay up to date by visiting the Aon Newsroom and hear from Aon's expert advisors in The One Brief.


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