CBN Distributes N108.65 Billion To Hospitals And Pharmaceutical Companies.

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Economic Imlpications Of The Introduction Of The New Naira Notes In Nigeria
Economic Imlpications Of The Introduction Of The New Naira Notes In Nigeria

In the last 18 months, the Central Bank of Nigeria (CBN)  has disbursed N108.65 billion to hospitals and the pharmaceutical industry.

According to a CBN report, this was revealed at the most recent Monetary Policy Committee meeting.

“The bank has also disbursed a total of N108.65 billion to hospitals and the pharmaceutical industry; 54 of the 117 projects funded are for hospital services,” it said.

“The committee was pleased that funding from the health sector resulted in the establishment of two new cancer centers, over 59 MRI centers, and over 42 CT scan centers in Nigeria within the last 18 months.”

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Godwin Emefiele, Governor of the Central Bank of Nigeria, recently stated that medical tourism was putting a significant strain on the country’s foreign reserves.

Emefiele stated that the CBN and other banks will assist the healthcare sector in reversing the trend.

“Medical tourism puts a huge strain on our foreign reserves, and more importantly, for every $1 billion spent on medical treatment abroad, there is less than $1 billion that could be spent on other critical sectors of our economy,” he said.

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“As part of this effort, the CBN and a select group of private-sector stakeholders supported COVID-19 intervention initiatives via CACOVID.”

He stated that, in order to further drive the economy’s recovery, monetary policy recognized that, while interventions in the manufacturing sector were critical, it was also critical to continue to support the medical sector.

He urged banks to lend, as well as the private sector, to invest in the country.

Emefiele stated that the CBN would instruct the banks to assist in restructuring the hospital’s loan facilities because the CBN was pleased with the project.