GSK, May&Baker, others to get funding from CBN and bankers committee
As part of efforts to ameliorate the impact of the Covid-19 pandemic on Nigeria’s economy, the Central Bank of Nigeria (CBN) and bankers committee have listed local pharmaceutical companies that would be granted funding facilities to procure raw materials and equipment.
Some of the companies recently listed by the committee at its meeting include Emzor, Fidson, GSK, May&Baker, Unique Pharma, Swiss Pharma, Neimeth, Sagar, Orange Drugs and Dana Pharma.
According to a communiqué issued by the committee, “As aforementioned, global supply chains have been disrupted, including dominant drug supply channels from China and India. In fact, many countries have or are planning to ban the export of drugs and medical supplies from their countries. Clearly, we have no choice but to produce these items locally.
“Given that this crisis is first and foremost a public health crisis, we are paying particular attention to our health industry.”
Going further, the statement added: “Thus, the committee has identified a few key local pharmaceutical companies who shall be granted naira and FX funding facilities to support the procurement of raw materials and equipment required to exponentially increase local drug production in Nigeria.”
The committee concluded that it would put Nigeria first based on lessons learned from the previous economic crisis in 2008 and the oil price slump of 2016, adding that the industry had resolved not to prioritise profit in the present circumstance.
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