The Central Bank of Nigeria (CBN) has disbursed the sum of N253.54 million to five health researchers under its Healthcare Sector Research and Development Intervention Scheme (HSRDIS) to aid the development of vaccines and drugs. The drugs are expected to combat communicable and non-communicable diseases, including the pandemic. The CBN Governor, Godwin Emefiele, who made the disclosure, stated that the five successful awardees were selected on merit from 68 proposals evaluated out of the over 286 proposals received from the public. He also explained that some of the recommended proposals had the potential to enable the development of the Nigerian vaccine for COVID-19 pandemic.
It is expected that the CBN Healthcare Sector Intervention Facility will strengthen the sector’s capacity to meet the increasing demand for healthcare products and services, particularly pharmaceutical companies and other healthcare value chain players intending to build or expand capacity. Not less than 82 projects valued at N85.89 billion have been financed through the scheme. These comprised 26 pharmaceutical and 56 medical outfits across the country.
The latest endeavour by the apex bank came on the heels of Nigeria’s receipt of AstraZeneca vaccine under the auspices of the World Health Organisation-led COVAX drug scheme against COVID-19 pandemic. The research initiative is in line with the intervention policy of the bank which has been on since the onset of the pandemic. In one of such interventions, the bank gave out N50billion COVID-19 Targeted Credit Facility to support Households and Micro, Small and Medium Enterprises (SME) affected by the pandemic through the Integrated National Association of Microfinance Banks Unified IT Platform (NAMBUIT). The programme has helped the economy to withstand the shocks arising from the pandemic.
Therefore, it is laudable that the bank is deepening its intervention through the research into vaccine production. It is commendable that the CBN grant is coming at a time when some Nigerians have called on the Federal Government to encourage the development of local vaccines to combat the COVID-19 pandemic and other diseases. It is not good that Nigeria depends on imports for about 90 per cent of her drug needs. We enjoin the grant recipients to judiciously utilise the opportunity offered to them by the apex bank and achieve the set objective. It is hoped that their research will aid the global efforts against the pandemic.
The beneficiaries must ensure that they live up to the expectations of Nigerians by achieving the desired results. Their being selected for the grant is an indication of their expertise in the field. The successful completion of the research will embolden the CBN to do more in the area. They cannot afford to fail in the exercise.
We call on other financial institutions, wealthy organisations and state governments to take a cue from the CBN and fund researches not only in drugs and vaccines but also other consumables. The initiative by the CBN is a testimony to the significant role research and development in healthcare can play in supporting economic growth, especially as growth is highly dependent on a strong and healthy workforce.
The government should also provide funds and support to research institutions to enable them meet the nation’s drug needs. The present over-dependence on imported drugs does not augur well for the nation’s healthcare delivery system. We suggest that all the abandoned and dilapidated research institutes in the country should be revamped without further delay.
We believe that indigenous research efforts will help to reduce the undue dependence on imports as well as save foreign exchange for the country and create employment for the citizens. No nation develops by depending on foreigners for its entire drug needs. The COVID-19 pandemic has exposed the fragility of the nation’s healthcare system. The situation calls for the urgent need to look inward and build a more robust and sustainable healthcare system. This is the time the nation should boost its healthcare system to withstand further pandemics and other related health issues.
