The Central Bank of Nigeria (CBN) said on Tuesday beneficiaries of its Healthcare Research and Development Intervention Scheme, targeting manufacturing and development activities would have access to N500 million to work it.
In the guidelines for its COVID-19 vaccine and diagnostic research financing, the apex bank also fixed the cap for research activities at N50 million.
The CBN said on its website that disbursement to beneficiaries would come in tranches based on the degree of conformity to the set standards for each stage.
According to the bank, the duration for executing the research must not exceed two years from the release of funds.
While the duration for manufacturing and development will not be more than one year.
It said: “Candidate vaccines undergoing pre-clinical testing or trials shall not be eligible for consideration under this Scheme.
“However, candidate vaccines undergoing clinical testing or trials shall be eligible for consideration under the Scheme if considered to have high potential to cross the clinical trial stage and prospects of scale by the body of experts.”
The apex bank intends to offer special consideration to herbal medicines, candidate drugs as well as vaccines of huge scientific merit against evolving infections and capable of contributing to the Nigerian vaccine.
“In applying for the grant, the applicant shall be required to have conducted preclinical testing of the candidate drugs, herbal medicines, and vaccines, and obtained certification from relevant health authorities for further research and development (R&D),” it added.