CBN Offers N500m Grant for Herbal Medicine Research, Production

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SWITZERLAND, JUNE 08 – The Central Bank of Nigeria has released a list of guidelines for stakeholders interested in accessing grants for local healthcare research and development.

According to the apex bank, research activities will attract N50 million, while development/manufacturing activities will attract a maximum of N500 million.

The CBN said the scheme would be funded from the developmental component of the Micro, Small and Medium Enterprise Development Fund. The guidelines stipulate that “disbursement under the scheme shall be made to beneficiaries in tranches subject to achieved approved milestones.”

Once the grant is awarded to researchers and/or developers, the CBN said it will “have proprietary right over all financed R&D outcomes or products.”

Also, licensing protocol for the mass manufacturing of developed drugs, phytomedicines and vaccines, the CBN said “shall be defined by the Body of Experts (BoE) in accordance with the World Health Organisation’s current Good Manufacturing Practices (cGMP).”

The guidelines state that Body of Experts (BoE) shall be responsible for the review and evaluation of submitted research proposals.

CBN said the research and development timeframe would not exceed two years from the date of release of funds while development/manufacturing activities would not be more than one year from the date of the release of funds.

The guidelines state that Body of Experts (BoE) shall be responsible for the review and evaluation of submitted research proposals.

As part of its policy response to the COVID-19 pandemic, the CBN introduced the Healthcare Sector Research and Development Intervention Scheme to help strengthen the public healthcare system with innovative financing of research and development in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria.

It said the HSRDIS was designed to trigger intense national R&D activities to develop a Nigerian vaccine, drugs and herbal medicines against the spread of COVID-19 and any other communicable or non-communicable diseases through the provision of grants to biotechnological and pharmaceutical companies, institutions, researchers, and research institutes.

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