The Central Bank of Nigeria (CBN) has introduced the Healthcare Care Sector Research and Development Intervention Scheme as part of its policy response to the COVID-19 pandemic.

The bank stated that the intervention was to help strengthen public healthcare systems with innovative financing of research and development in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria.

It added that the scheme was designed to boost domestication of critical drugs and vaccines to ensure their sustainable domestic supply and reduce their bulk manufacturing cost in Nigeria.

According to the CBN, the overall objective is to reduce Nigeria’s dependence on other countries for those critical drugs and vaccines.