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CBN N10.3 trillion intervention fund: Nigeria’s health sector gets mere 1% allocation 

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The Central Bank of Nigeria has allocated N141.64 billion out of the over N10.3 trillion intervention funds to the health sector since inception, representing a mere 1% of the cumulative disbursements.  

The funds were disbursed through the Healthcare Sector Intervention Facility (HSIF), an intervention program established in March 2020. 

The intervention facility was created with the dual objective of curbing health tourism to preserve foreign exchange reserves and offering long-term, cost-effective financing for the development of healthcare infrastructure. 

A total of 137 health and pharmaceutical companies have received support from the CBN intervention fund allocation.  

Private finance initiatives (PFIs) and the Central Bank of Nigeria serve as key stakeholders in the initiative. 

The Central Bank of Nigeria’s report highlights significant challenges such as difficulties in accessing forex for importing necessary equipment and port congestion, which have hindered the smooth operation of the intervention facility.  

Despite these obstacles, the sustained positive impact of the intervention in the healthcare sector underscores the importance of its continuation. Moreover, as a CBN off-balance sheet funded program, its ongoing support remains crucial for the sector’s development. 

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