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Pharmaceutical Society of Nigeria (PSN) has disclosed that the 100billion grant mapped out for pharmaceutical companies and healthcare practitioners to mitigate the effect of the Covid 19 outbreak was yet to be accessed as proposals and requests were still being submitted to the apex bank for verification and approval.
President of the association, Sam Ohuabunwa, who made the disclosure in Lagos, while commending the Apex bank for the huge step,added that the association was still in talks with the CBN to get full details on the terms and conditions for accessing the fund.
“The companies are not yet accessing the funds, for now they are still submitting and working on their proposals and demands. A few companies have their demands with CBN while some others are still submitting. We are still talking to the CBN to get the full details of the terms and conditions. No one has accessed the funds for now to the best of my knowledge.”
Reacting to the complain that some pharmaceutical companies were exempted from the list of manufacturers to benefit from the grant, the president of the association noted that the CBN list was not an exhaustive one, saying any manufacturer who has a viable project can still be considered.
“No need to complain of being exempted. The bank cannot name all the manufacturers, anyone who feels exempted should go the bank with the proposal and know whether they are excluded or not. It is strictly for pharmaceutical manufacturers and healthcare providers. If any group of healthcare practitioners or so have any viable projects, I am sure the bank will look into it.”
On the criteria with which the companies were shortlisted, Ohuabunwa noted that those companies had earlier submitted their proposals and had requested to borrow money for expansion, seeing they already have plans, they were included in the list.
“The money is not free. It’s not meant for those who don’t have plans for expansion. I think the banks already have the list of companies who have submitted their proposals earlier to borrow money for expansion, seeing they already have plans they included their names.”
He said the critical thing is to produce and manufacture locally. It’s not meant for trade, it’s targeted for manufacturers of pharmaceutical products to boost local production especially at this critical time.
CBN Governor, Mr. Godwin Emefiele, listed the companies to benefit from the recent #100billion to include, but not limited to Emzor, Fidson, GSK, May & Baker, Unique Pharma, Swiss Pharma, Neimeth, Sagar, Orange Drugs, and Dana Pharmaceuticals.
According to him, the Bankers’ Committee took the decision to support the pharmaceutical companies given the fact that the present pandemic was of grave public health concern, coupled with the fact that many drug manufacturing countries had already banned the export of drugs and medical supplies from their countries, thereby leaving Nigeria no choice but to produce the drugs locally; with the pledge to grant funding facilities (in Naira and foreign exchange) to pharmaceutical companies in the country to enable them to procure raw materials and equipment to boost local drug production in Nigeria.
