The Central Bank of Nigeria (CBN) has pegged the maximum amount manufacturers of drugs under the healthcare research and development at N500 million per recipient.
Researchers under same scheme can get up to N50 million, the apex bank’s latest guideline on the program has shown. But periodic joint monitoring of research and development activities shall be conducted by the BoE.
According to the CBN, the Body of Experts (BoE) shall be responsible for the review and evaluation of submitted research proposals, as well as recommend for financing R&D projects with high potential to contribute to the development of the Nigerian vaccines for infectious diseases.
The applicant(s), the guidelines said, shall submit its application, with relevant documentation of validation from relevant health authorities, trial results, patent registration details (if any) and development timetable to the Body of Experts (BoE).
The BoE shall evaluate applications and recommend to the CBN. The apex bank shall review for documentation adequacy and completeness. Upon approval, the approved grant sum shall be released to the applicant’s account with any PFI of his/her choice.
The guidelines also showed that the CBN has proprietary right over all financed R&D outcomes or products. Equally, licensing protocol for the mass manufacturing of developed drugs, phytomedicines and vaccines shall be defined by the BoE in accordance with the World Health Organisation’s current Good Manufacturing Practices (cGMP).
