CBN spent N107.7 bn supporting 114 healthcare projects —Emefiele

The Central Bank of Nigeria (CBN) says it has disbursed N107.7 billion to support 114 healthcare projects which include medical diagnostics, pharmaceuticals, dental services, eye clinics in both private and public hospitals, among others.

CBN Governor, Mr. Godwin Emefiele said this over the weekend in Lagos at the unveiling of Duchess International Hospital, a multi-million naira state-of-the-art health facility funded by Access Bank Plc.

Emefiele said over 80 countries took stringent steps like restricting their medical and pharmaceutical supplies from being exported to other countries as necessary measures to cope with the pandemic.

He said it was regrettable that while the global pandemic was ravaging, Nigeria could not produce medical and pharmaceutical supplies such as drugs, hand sanitisers, hand gloves, nose masks and disinfectants but had to depend on other countries, including China and India.

The apex bank’s boss queried the sustainability of relying on importation for medical supplies while expressing fear that a bigger pandemic could put the country on the brink if it fails to make necessary investments. He said poor investment has posed enormous threat to the country’s health sector, which parades some of the best brains in global medical circle.

According to him, Medical tourism puts a huge strain on Nigeria’s foreign reserves and more importantly, for every $1 billion allocated to medical treatment abroad, there is less than $1 billion that could be available to other critical sectors of the economy.

As part of efforts to save the situation, the CBN, led by a select private sector stakeholders, supported COVID-19 through the private sector-led Coalition Against COVID-19 (CACOVID).

His words, “To further drive the recovery of our economy, monetary policy recognized that while the interventions in our manufacturing sector are essential, we continue to give support to the medical sector of our country.

“When we started (CACOVID), CBN set aside N100 billion to support the healthcare sector, but upon rise in demand, we have disbursed N107.7 billion, supporting 114 healthcare projects which include medical diagnostics, pharmaceuticals, dental services, eye clinics both private and public hospital just to mention a few.

“We had taken up N100 billion to support but the monetary policy has said we should move it further up to N200 billion. We would continue to do whatever can be done to support healthcare.”

He therefore encouraged other banks to lend to them and also members of the private sector community to invest whether they are doctors or not.

Nigeria, according to him, parades some of the best in the world and should encourage everybody to come back home to give back to society.

On his part, Vice president Yemi Osinbajo said Nigeria has world class talent, world class ideas and world class execution.

“We are Duchess International Hospital which by standards and personnel is comparable to anywhere in the world,” he said.

He added that it will help in reversing medical tourism by delivering high standards of care using the  most advanced technology and treatment to give the fastest, most convenient access to the  best medical expertise available  anywhere in the world.

“The opening celebrates the fact that they have all that it takes to be the place of choice for even medical tourists from other countries looking to join long queues for specialised facilities or simply shopping for more affordable personalised healthcare.

“With investments like this seeking high quality medical personnel, we can even reverse the trend of doctors leaving the country. The reasons for their leaving are obvious: better remuneration, better faciities.

“So, only serious private sector investments in high quality healthcare services offering top compensation for its personnel could possibly create an attractive proposition to reverse the trend,” Osinbajo stated.

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