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Top 10 beneficiaries of CBN’s N138 billion healthcare sector intervention facility

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Since the inception of the Central Bank of Nigeria’s N10.3 trillion intervention funds, the Nigerian healthcare sector has received only N141.64 billion, amounting to a mere 1% of the total disbursements.

Established in March 2020, the Healthcare Sector Intervention Facility (HSIF) stands as one of the intervention programs facilitating fund distribution to healthcare firms in Nigeria.

It was set up with a dual objective: to reduce health tourism, thereby preserving foreign exchange reserves, and to provide long-term, cost-effective financing for healthcare infrastructure development.

These funds have been mobilised through a specialised Differentiated Cash Reserve Ratio (DCRR) mechanism, designated specifically to provide affordable financing to Deposit Money Banks (DMBs).

The aim is to ensure broader access to financial resources for healthcare initiatives by facilitating the provision of credit to beneficiaries within the health sector.

Over the past four years, the implementation of the healthcare sector intervention facility has led to the creation of 162,454 jobs, both directly and indirectly.

A total of 137 healthcare companies in Nigeria received support from the CBN intervention fund allocation.

N138.3 billion was disbursed through the program, with N37.2 billion of principal already repaid. Additionally, N4.9 billion in interest has been repaid. Presently, beneficiaries owe a total of N99.3 billion.

ThePressNG has ranked the top 10 beneficiaries of the Healthcare Sector Intervention Facility (HSIF) according to the CBN report.

Union Diagnostic and Clinical Services Limited is a medical diagnostic and healthcare company in Nigeria. Its core services include diagnostic services and the sale of medical equipment. The company received N2.2 billion and has paid back N840,314,543.

Amount received: N2.2 billion

Amount repaid: N840,314,543

Status of project: Performing

Neimeth International Pharmaceuticals Ltd boasts a pharmaceutical plant located in Lagos, Nigeria. Since its inception, the company has been engaged in the manufacturing, marketing, and distribution of medicines. The company was loaned N2.4 billion and has repaid N600 million.

Amount received: N2.4 billion

Amount repaid: N600,000,000

Status of project: Performing

Emzor Pharmaceutical Industries is a Nigerian pharmaceutical company known for its diverse product range, manufacturing over 120 items spanning painkillers, antimalarials, vitamins, and various other healthcare products. The company received a total of N2.5 billion and has paid N499,999,999.98.

Amount received: N2.5 billion

Amount repaid: N499,999,999.98

Status of project: Performing

Cedarcrest Hospital, located in Lagos, Nigeria, is a known specialist facility providing a wide range of medical services across various specialties. CBN loaned the hospital a total of N2.5 billion. The hospital has repaid N1,125,000,000.

Amount received: N2.5 billion

Amount repaid: N1,125,000,000

Status of project: Performing

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