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CBN supports healthcare sector with N200bn to drive economic recovery

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CBN supports healthcare sector with N200bn to drive economic recovery

By Lydia Ngwakwe

Mr. Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), said on Friday that the umbrella bank had earmarked 200 billion naira to support the health sector to boost the recovery of the Nigerian economy.

Emefiele said this during the inauguration of Duchess International Hospital, the new state-of-the-art 100-suit health facility in Ikeja, Lagos.

Happiness to Diepsloot marks its 10th anniversary

“To further stimulate the recovery of our economy, monetary policy has recognized that while interventions in our manufacturing sector are essential; it is also essential that we continue to support the medical sector.

“When we launched COVID, CBN set aside N100 billion to support the health sector.

“But in the face of increased demand, we have disbursed 107.7 billion naira, supporting 114 health care projects that include medical diagnostics, pharmaceuticals, dental services, eye clinics as well as hospitals. private and public to name a few.

Happiness to Diepsloot marks its 10th anniversary

“We had taken 100 billion naira to support health care, but monetary policy said we should move it further up to 200 billion naira.

“We will continue to do whatever can be done to support health care,” he said.

The governor of the CBN expressed the bank’s commitment to continuously support Nigerians in their businesses, calling on those abroad to return home.

Happiness to Diepsloot marks its 10th anniversary

He said: “Monetary policy recognizes that Nigeria is parading some of the best in the world; we need to encourage everyone to come home.

“We will continue to do what little we can to help you grow your business. “

He called on more private sector operators to invest in medical facilities that would help reverse medical tourism, as it would force the country not to spend dollars abroad but to create more dollars.

Happiness to Diepsloot marks its 10th anniversary

According to him, medical tourism has put a strain on the foreign exchange reserves of the country of Onuche.

He said more importantly, for every billion dollars spent on medical treatment overseas, there was less than a billion dollars that could be available for other critical sectors of the economy.

Emefiele therefore urged banks to lend to Nigerians and members of the private sector community to invest, stressing that they don’t need to be doctors to own a medical facility.

Happiness to Diepsloot marks its 10th anniversary

Nigeria’s Vice President Prof Yemi Osinbajo said the facility has everything it takes to be the place of choice for medical tourists from other countries.

“This is one of those days of affirming the belief that this is a country of world-class talent, world-class ideas and world-class execution.

“We are at Duchess, which by standards and staff is comparable to anywhere in the world,” Osinbajo said.

Happiness to Diepsloot marks its 10th anniversary

According to him, the establishment will reverse medical tourism by providing high quality care using the most advanced technology.

“The opening celebrates the fact that they have what it takes to be the place of choice even for medical tourists from other countries.

“With investments like this in finding high quality medical personnel, we can even reverse the trend of doctors leaving the country.

Happiness to Diepsloot marks its 10th anniversary

“The reasons for their departure are obvious; better pay, better facilities, ”Osinbajo continued.

He said only serious private sector investment in high-quality health services that provide superior pay for its staff could possibly create an attractive proposition to turn the tide.

“So the only way to make sure people stay is obviously to reward their service and I think that’s a good way to start. If we can believe enough in our economy, ”Osinbajo said.

Happiness to Diepsloot marks its 10th anniversary

Previously, Dr Adeyemi Onabowale, chairman of the Reddington Hospital Group, urged the umbrella bank to compare health care funding to a stable currency.

He noted that the real cost of healthcare all over the world was phenomenal, associated with the depreciation of the currency.

The Nigeria News Agency reports that other dignitaries who spoke at the event are: Governor Babajide Sanwo-Olu of Lagos State, Governor Dapo Abiodun of Ogun, among others.

Happiness to Diepsloot marks its 10th anniversary

Source: NAN

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