Since the establishment of the Central Bank of Nigeria’s N10.3 trillion intervention funds, the Nigerian healthcare sector has received only N141.64 billion, accounting for a meagre 1% of total disbursements.
Established in March 2020, the Healthcare Sector Intervention Facility (HSIF) is one of Nigeria’s intervention programmes that facilitates fund distribution to healthcare enterprises.
It was established with two goals: to limit health tourism and thereby preserve foreign exchange reserves, and to provide long-term, cost-effective financing for healthcare infrastructure development.
These funds were raised through a specialised Differentiated Cash Reserve Ratio (DCRR) method designed expressly to provide inexpensive lending to Deposit Money Banks (DMBs).
The goal is to increase access to financial resources for healthcare projects by facilitating credit availability to beneficiaries in 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.
This intervention has brought about substantial improvements in healthcare service delivery, characterized by the expansion of hospital infrastructure and the procurement of advanced medical equipment.
As a result, there has been a reduction in the demand for foreign exchange for medical tourism, resulting in significant cost savings for the nation.
Additionally, the initiative has contributed to a commendable increase in tax revenue, highlighting its positive economic impact.
Furthermore, there has been a noticeable shift towards professional specialization among healthcare practitioners, indicating a qualitative enhancement in the country’s healthcare workforce.
Beneficiaries of HSIF
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.
Nairametrics has ranked the top 10 beneficiaries of the Healthcare Sector Intervention Facility (HSIF) according to the CBN report.
10. Union Diagnostic and Clinical Services limited
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
9. Neimeth international pharmaceuticals Ltd
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
8. Emzor Pharmaceutical industries limited
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
7. Cedarcrest Hospital limited
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
6. Greenlife Pharmaceutical Ltd
Greenlife Pharmaceuticals Limited is a pharmaceutical company incorporated in 1995 under the laws of the Federal Republic of Nigeria specialising in pharmaceutical manufacturing, distribution, and marketing. CBN disbursed N2.5 billion to the pharmaceutical company. Greenlife has repaid N2.5 billion.
Amount received: N2.5 billion
Amount repaid: N2.5 billion
Status of project: Performing
5.Chi Pharmaceuticals Limited
Chi Pharmaceuticals Limited, a member of the Tropical General Investment (TGI) Group, is dedicated to crucial sectors of the Nigerian economy, particularly pharmaceuticals and healthcare. Operating as a manufacturer and supplier of essential medicines, Chi Pharmaceuticals produces vital medications at its Ajao Estate plant. The company has received N2.5 billion and repaid N791,651,677.83.
Amount received: N2.5 billion
Amount repaid: N791,651,677.83
Status of project: Performing
4. May and Baker Nigeria Plc
May & Baker Nigeria Plc is a diversified company engaged in pharmaceutical manufacturing as well as the beverages business. With four subsidiaries under its umbrella, one partnership is with the Federal Government of Nigeria for the local production of human vaccines. CBN disbursed N2.5 billion to May & Baker Plc. The company has paid a total of N944,444,444.40.
Amount received: N2.5 billion
Amount repaid: N944,444,444.40
Status of project: Performing
3. Sagar group
The Sagar Group specialises in the importation and supply of pharmaceutical raw materials and pharmaceutical packaging materials from Asian countries to Nigeria. Through HSIF, Sagar group received N2.5 billion from CBN and has repaid N885,964,912.27.
Amount received: N2.5 billion
Amount repaid: N885,964,912.27
Status of project: Performing
2. Fidson Healthcare Plc
Fidson Healthcare is a pharmaceutical company based in Nigeria, specialising in the manufacturing and sale of pharmaceutical and nutraceutical products. Established in 1995, the company has its headquarters in Lagos, Nigeria. Fidson Healthcare received N2.5 billion from the CBN intervention fund and has repaid N900 million.
Amount received: N2.5 billion
Amount repaid: N900,000,000,000
Status of project: Performing
1. Iwosan investment limited
Iwosan Investment Limited is a healthcare investment company dedicated to enhancing the Nigerian healthcare market by investing in critical infrastructure. Their focus is on sustaining capacity and expanding access to high-quality healthcare services throughout the country. CBN disbursed N5 billion to the investment company and N945,945,946.98 has been repaid .
Amount received: N5 billion
Amount repaid: N945,945,946.98
Status of project: Performing