The Pharmaceutical Society of Nigeria (PSN) President, Sam Ohuabunwa, has confirmed, that a lot of local manufacturers in the pharmaceutical sector, have accessed the Central Bank of Nigeria (CBN) N100 billion intervention fund. The fund is intended to help salvage the impact of the COVID-19.
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The PSN President, who made this disclosure, during an interview, said the impact of the working capital fund, would be felt in three months time. He explained that the capital expenditure would yield results by 2021.
While stating this, he explained that some companies are yet to access the loan, and may not have deployed their working capital to work. “Most people will not keep the capital idle, they have deployed it to work already,” he said.
Ohuabunwa said the release of the funds, has boosted the morale and overall psychology of the pharmaceutical industry.
