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CBN disburses N108.65bn to hospitals, pharmaceutical firms



CBN disburses N108.65bn to hospitals, pharmaceutical firms

Central Bank of Nigeria – CBN said it disbursed N108.65bn to hospitals and pharmaceutical industry in 18 months, ENigeria Newspaper reports.

According to a CBN report, this was revealed during the most recent Monetary Policy Committee meeting.
“The bank has also disbursed a total of N108.65 billion to hospitals and the pharmaceutical industry,” it added, adding that “54 of the 117 projects supported are for hospital services.”

Within the last 18 months, the committee was pleased to see that support for the health sector has resulted in the development of two new cancer centers, over 59 MRI centers, and over 42 CT scan centers in Nigeria.”

Medical tourism, according to CBN Governor Godwin Emefiele, is putting a severe pressure on the country’s foreign reserves.

ENigeria Newspaper reports that the CBN and other banks, according to Emefiele, would assist the healthcare industry in reversing the trend.
“Medical tourism places a great pressure on our foreign reserves,” he said, adding that “for every $1 billion spent on medical care overseas, less than $1 billion is available for other essential areas of our economy.” The CBN and a few corporate sector partners backed COVID-19 intervention actions through CACOVID as part of this endeavor.”


He stated that in order to continue to drive the economy’s recovery, monetary policy must recognize that while interventions in the industrial sector are critical, it is 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 said the CBN would tell the banks to help restructure the loan facilities of the hospital as it was pleased with the project.