The grant was presented under the CBN’s Health Sector Research and Development Intervention Scheme (HSRDIS). The HSRDIS is designed to support research and development in the health sector and provide financial support to public and private institutions engaged in health research and development.
The grant will be used to fund research and development projects aimed at finding a cure for COVID-19 and developing vaccines to prevent future outbreaks. The grant will also be used to improve Nigeria’s healthcare system and strengthen the capacity of healthcare workers to respond to the pandemic.
The CBN’s intervention comes at a critical time when Nigeria is experiencing a surge in COVID-19 cases. The grant will help to support the government’s efforts to contain the spread of the virus and ensure that healthcare workers have the resources they need to provide care to those who have been infected.
The CBN has also implemented a number of other measures to mitigate the economic impact of the pandemic. These measures include the creation of a N50 billion targeted credit facility for households and small and medium-sized enterprises, the reduction of interest rates on intervention funds, and the extension of moratoriums on loan repayments.
Furthermore, the CBN has also supported the production of essential goods and services needed to combat the pandemic. The bank has provided financial support to local manufacturers of face masks, sanitizers, and other personal protective equipment (PPE). This support has helped to reduce Nigeria’s reliance on imports of these essential goods and services and has also provided a boost to local manufacturers.
The CBN’s response to the pandemic has been lauded by many stakeholders in the Nigerian economy. The bank has demonstrated a commitment to supporting the government’s efforts to contain the spread of the virus and mitigate its economic impact. The bank’s actions have also provided a measure of stability to the financial sector during these uncertain times.
In conclusion, the CBN’s grant of N253.4 million to the Federal Ministry of Health is just one aspect of the bank’s response to the COVID-19 pandemic in Nigeria. The bank has implemented a range of measures to support the healthcare sector, mitigate the economic impact of the pandemic, and support local manufacturers of essential goods and services. The bank’s response demonstrates the importance of a coordinated and multifaceted approach to combating the pandemic and its effects on the economy.