CBN reopens N50bn COVID-19 loan portal for households, businesses

*The Central Bank of Nigeria reopens the N50billion COVID-19 loan portal, saying the financial relief for Nigerian consumers and businesses is aimed at supporting households and MSMEs affected by the pandemic

*The N253.54 million HSRDIS grant award is a testimony to the significant role research and development in healthcare could play in supporting economic growth, which is highly dependent on a strong and healthy workforce, says Mr. Godwin Emefiele, Governor of CBN

Alexander Davis | ConsumerConnect

In its further support to Nigerian households and Micro, Small and Medium Enterprises (MSMEs) affected by the damaging Coronavirus (COVID-19) pandemic, the Central Bank of Nigeria (CBN) has reopened the application portal for the N50 billion Targeted Credit Facility (TCF).

The apex bank stated the financial relief for Nigerian consumers and businesses is aimed at supporting households and MSMEs affected by the pandemic.

The stimulus package, set up by the Bankers’ Bank March 2020 is disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank.

ConsumerConnect reports that NIRSAL Microfinance Bank (NMFB) in a tweet Monday, March 8 said applicants must be households and MSMEs with verifiable evidence of livelihood adversely impacted by the coronavirus pandemic.

Likewise, enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic are also eligible to apply.

The organisation noted the interest rate on the facility will be nine percent per annum, working capital will be for a maximum period of one year, with no option for rollover.

Interested Nigerians, therefore, can begin the application on their phones, tablets, or computer laptops by visiting NIRSAL COVID-19 loan portal via https://nmfb.com.ng/covid-19-support/ and submit applications directly to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.

The working capital to be offered to eligible businesses has been fixed at a maximum of 25 percent of the average of the previous three years’ annual turnover.

Earlier, in an attempt to encourage research and innovation in the treatment of health conditions for the overall wellbeing of Nigerians citizens, Mr. Godwin Emefiele, Governor of CBN has stressed the need for a vibrant and innovative healthcare system for the country’s national security.

ConsumerConnect gathered Emefiele stated this at the Bank’s Headquarters Tuesday, March 9, in Abuja, FCT, during the presentation of grants to successful beneficiaries of the CBN Healthcare Sector Research and Development Interventions Scheme (HSRDIS).

The CBN Governor disclosed that 68 proposals out of the 286 submissions received by the body of experts had been reviewed and evaluated with five proposals with significant merits valued at N253.54 million recommended by the experts for financing.

The recommended proposals as well have the potential to enable the development of the Nigerian vaccine for the disruptive COVID-19, said he.

Recipients of the CBN HSRDIS grant award were Prof. Olufemi Emmanuel Dokun-Babalola, Prof. Okoli Ikechukwu, John Ogedengbe, Dr. Garba Uba and O’tega Ejofodomi.

Emefiele stated that the grant award was a testimony to the significant role research and development in healthcare could play in supporting economic growth, particularly as growth was highly dependent on a strong and healthy workforce.

He noted that the outbreak of the Coronavirus pandemic, which has had an unprecedented effect on world economy, underscored the fact that a healthy and safe workforce remained critical for a continued economic growth as well as the stability of the financial system.

The CBN Chief also emphasised the need to move from a consumer-based economy to a more productive economy necessitated the CBN’s development of intervention programmes and schemes across various sectors, including the health sector.

According to him, the Bankers’ Bank introduced the Healthcare Sector Research and Development Intervention Scheme (HSRDIS), as part of measures to support the growth of the Nigerian healthcare sector.

The facility aimed at strengthening 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, he noted.

He further disclosed that 82 projects, valued at N85.89-billion, comprising 26 pharmaceutical and 56 medical projects across the country had been financed through the HSRDIS.

Emefiele congratulated the recipients of the grant award, and urged them to judiciously utilise the opportunity offered to them by the CBN and strive to achieve the purpose of their research by ensuring that their projects meet the set targets.

He expressed optimism that the CBN HSRDIS grant will offer an average Nigerian access to the much-needed vaccines and drugs for not just COVID-19, but other communicable or non-communicable diseases afflicting Nigerians.

Boss Mustapha, Secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19, in his remarks on the occasion commended the CBN for what he described as the modest efforts of the Bank at helping future generations to combat any outbreak of health pandemic.

Mustapha assured of President Muhammadu Buhari’s support to HSRDIS, saying that the President had supported similar responses to curb the current COVID-19 pandemic.

Sen. (Dr.) Adeleke Olorunnimbe Mamora, Minister of State for Health; and Prof. Mojisola Christiana Adeyeye, Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), also commended the apex bank for the initiative.

According to the duo, the HSRDIS is a step in the right direction in ensuring the vibrant and functional healthcare system as well as the socio-economic well-being of Nigerians.

Earlier while responding on behalf of the five grant award recipients, Ejofodomi appreciated the CBN for the opportunity and pledged to utilise the resources for the purpose of the grant.

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