New Telegraph

M&B gets N2.5bn CBN’s COVID-19 intervention fund

Following the N100 billion healthcare sector intervention fund approval by the Central Bank of Nigeria (CBN) to stimulate growth in the pharmaceutical sector amid COVID-19 impacts, the management of May & Baker (M&B) Nigeria Plc has said it secured about N2.5 billion from the facility.

 

A breakdown of the N2.5 billion loan facility showed that N2 billion was set-aside for capital projects and N500 million as working capital.

 

Managing Director/Chief Executive Officer, May & Baker Nigeria Plc, Nnamdi Okafor, disclosed this to journalists at the 2020 media luncheon in Lagos over the weekend.

 

He explained that getting the credit facility (intervention fund) by some members of the Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) had been very difficult in all ramifications.

 

Okafor explained that his company was lucky to get the CBN intervention fund that was meant for capital projects.

 

“Research conducted over the last 18 months indicates that capacity utilisation among pharma manufacturers is at an all-time low of 20 per cent and over a third of PMG-MAN members have shut down production due to lack of access to forex for critical raw material, mainly active pharmaceutical ingredients (APIs) and machinery inputs,” he said.

 

According to him, members of PMG-MAN have been lacking in government support to the sector, which does not help matters, but with the advent of the COVID-19, the apex bank has been able to float N100 billion Healthcare Sector Intervention Fund for pharmaceutical industry to help pharmaceutical investors to overcome the COVID-19 impact on production.

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