CBN, BANK OF INDUSTRY FLOAT N200BN INTERVENTION FUND FOR PHARMACEUTICAL INDUSTRY

By Sola Ogundipe
Towards enhancing the potential of the local pharmaceutical manufacturing industry in Nigeria, the National Agency for Drug Administration and Control, NAFDAC, in collaboration with the Central Bank of Nigeria, CBN, and the Bank of Industry, have developed a plan for a N200 billion Pharmaceutical Intervention Fund, PIF.

The PIF initiative, which has received the blessing of President Goodluck Jonathan, is expected to create at least 250 jobs for pharmacists, microbiologists, marketers, and other stakeholders within the expanded pharmaceutical industry that will emerge.

Disclosing the development to Vanguard in a chat, NAFDAC Director-General, Dr. Paul Orhii said the PIF which is being sourced by the Bank of Industry and the Ministry of Finance, has also been presented to the Minster of Finance, and his counterparts in the Industries and Health Ministries, as well as the Managing Director of the Bank of Industry.