Mr. Godwin Emefiele, Governor of Central Bank of Nigeria

CBN endorses N10bn proposals, refutes alleged inactivity over COVID-19 solutions

* ‘Grants are guided by procedures, not a free for all,’ says CBN Spokesman

* Clarifies beneficiaries must have plans, genuine scientific efforts, intentions, and apply for funding

Isola Moses | ConsumerConnect

In connection with the Bank’s expected role in supporting the development of indigenous efforts at finding effective and durable healthcare solutions to the damaging Coronavirus (COVID-19) pandemic in the country, the Central Bank of Nigeria (CBN) has dismissed claims that it has done nothing to fund local researches.

The Bankers’ Bank disclosed that it has endorsed about N10billion worth of applications for the loan component of the CBN’s COVID-19 intervention in the Nigerian healthcare sector so far.

Mr. Isaac Okorafor, Director of Corporate Communications Department and CBN Spokesman when reacting to allegations from the Guild of Medical Directors Sunday, May 24, said: “Grants are guided by procedures and not a free for all. They have to be applied for and processed.

“There are guidelines which must be followed. There are qualifications for grants and they have to be met.”

CBN Headquarters in Abuja, FCT

The Guild of Medical Directors had accused the CBN Governor of idling away on the requests while putting together a so-called ‘framework’ for such funding.

The CBN urged scientific bodies interested in accessing its research grant for COVID -19 solutions to formally apply for the grant, it was learnt.

Okorafor added that those applying for the research grant would have their proposals authenticated “by relevant government agencies such as the Nigerian Institute of Pharmaceutical Research and Development and the National Agency for Food and Drug Administration and Control (NAFDAC) on the scientific foundation of such research.”

The CBN Spokesman, however, cautioned that while grants may be seen as free, yes “they are not just handed out to anyone who stretches out their hands.

“You must have a plan, demonstrable and genuine scientific efforts, intentions, and above all you have to apply for them.”

Recall that the CBN instituted a grant to fund researches for COVID-19, but the Director Corporate Communications insisted that due process must be followed in allocating the grant.

He said: “Some persons have an aversion for due process, but we do not encourage that at the CBN.

“I advise those who are interested to follow due process and apply for the grant.”

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