Home Sectors MEDICAL & HEALTHCARE Federal Government Releases N100bn To Local Pharmacy Firms

Federal Government Releases N100bn To Local Pharmacy Firms

The Federal Government has so far given N100 billion in loans to domestic pharmaceutical producers and healthcare investors in order to increase their capital bases and increase domestic production of pharmaceuticals and consumer goods.

Also, the FG says it is addressing the “brain drain” in the health sector brought on by the widespread emigration of doctors from Nigeria to other nations.

According to reports, between December 2021 and May 2022, more than 727 medical professionals who had their training in Nigeria moved to the UK.

President Buhari is said to have ordered the Minister of Health, Dr. Osagie Ehanire, to engage top Nigerian medical experts in the Diaspora in knowledge and skill repatriation in order to turn the “brain drain” into a “brain gain.”

According to a statement signed by his Special Adviser on Media and Publicity, Femi Adesina, Buhari said this when he received the new executive members of Nigerian Medical Association (NMA), at the Presidential Villa, Abuja.

The statement was entitled ‘President Buhari hosts new NMA Exco, says FG disburses N100b to indigenous pharma manufacturers.’

According to him, the loan was extended through the Central Bank of Nigeria to the private pharmaceutical sector.

Although the statement did not specify the duration or timing of the loan disbursement, it is believed to be part of the FG’s intervention fund to various sectors of the economy at the height of the Covid-19 pandemic.

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