The Central Bank of Nigeria (CBN), Director, Development Finance, Mr. Yila Yusuf, has revealed that the apex bank has received over 34 applications requesting a total of N90 billion out of its healthcare research grant, out of which 90 per cent were from Nigerian universities.

The Director who featured on a breakfast programme on ARISE NEWS Channel said “As we speak, as at today, we have received over 34 applications asking for N90 billion. What is exciting is that 90 per cent of those applications were from our universities.

“So, we are looking at how we can quickly get those proposals to the body of experts, they look at that, and then we can disburse the funds.”

Yusuf added that a body of experts to review the applications and make recommendations to the CBN was inaugurated two weeks ago by the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha.

The group is led by the Director-General of National Agency for Food and Drug Administration (NAFDAC), Prof. Mojisola Adeyeye, and consists of independent specialists and government research institutions.

He also said the Nigeria Centre for Disease Control (NCDC), the National Pharmaceutical Research Institute, the Centre for Medical Research, are also part of the body of experts.

According to him, “Also, we have two independent research experts who are quite versatile in administering these grants. So they will administer the grants and anybody who is eligible can apply.

“The modalities are set out in the guidelines. They will look at the proposals, evaluate them and recommend to the CBN and then we would eventually disburse.”

READ: Detailed CBN Guidelines on How to Access Healthcare Research And Development Grants

The CBN director said the applications received were from both public and private universities, while some of the manufacturing companies in Nigeria also applied for the grant.

He reiterated that the CBN has N100 billion intervention fund for the health sector, which is being accessed at five per cent interest rate.

“We funded over 24 manufacturers and healthcare centres. We’ve disbursed N13 billion.

“Two of them are from brownfield and the remaining are greenfield projects. Most of them have increased the lines of drugs they manufacture,” he said.

We are expecting that all submissions from those who are applying should be before October 30th.