FG to provide N200bn pharmaceutical intervention fund 'NAFDAC

The Federal Government has promised to set aside a N200 billion pharmaceutical intervention fund to grow the Nigerian pharmaceutical sector.The Director-General of the National Agency for Food, Drug Administration and Control (NAFDAC), Dr Paul Orhii, who disclosed this on Thursday during his visit to the Pan-African Health Foundation, a disposable syringe manufacturing company, in Port Harcourt, also charged investors in the sector to take advantage of the proposed fund.Orhii, who visited the syringe factory in company of officials of the agency in the state, explained that the intervention fund, which he said had the blessings of President Goodluck Jonathan, would be sourced by the Ministry of Finance and the Bank of Industries.Orhii also revealed that about $4.7 billion international donors funds had, in the last year, been expended on drugs and other medical products for developing countries, part of which Nigeria had been a huge beneficiary.Orhii said: 'We have requested, with the support of the Minister of Health and also the Bank of Industry, a N200 billion pharmaceutical intervention fund that will give loans at good rates to companies that want to expand long-term loans and president has received it very well, and he has directed the Ministry of Finance and the Bank of Industry to source for the finance.'I expect that companies like this that have responded and made huge investments to get the WHO pre-qualification will be benefitting from these funds when they are accessible because it's a good investment.
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