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Central Bank of Nigeria extends credit to health sector

The goal is to providing long-term and low-cost finance for healthcare infrastructure development. (Image source: 5D Media/Adobe Stock)

The Central Bank of Nigeria (CBN) has explained that the US$260mn credit, which has been extended to the country’s health sector to ameliorate COVID-19 impact on the economy, will operate until 2030

With the special window, companies operating in the health sector are expected to enjoy five per cent interest rate until 28 February 2021 and nine per cent thereafter.

The objective of the intervention include:

Reducing of health tourism to conserve foreign exchange

Providing long-term, low-cost finance for healthcare infrastructure development that would lead to the evolvement of world-class healthcare facilities in the country

Improving access to affordable credit by indigenous pharmaceutical companies to expand their operations and comply with the World Health Organisation’s Good Manufacturing Practices (WHO GMP)

Supporting the provision of shared services through one-stop healthcare solution to enhance competition

Reducing the cost of healthcare delivery in the country

 

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