The Central Bank of Nigeria says about N10bn has been approved for the COVID-19 intervention fund aimed at finding local cure.
Spokesman for CBN, Isaac Okoroafor, made the disclosure while denouncing allegation that it had yet to make any meaningful efforts to fund local research in the wake of the coronavirus pandemic in Nigeria.
Speaking on the COVID-19 research grant, he said, “There are guidelines which must be followed. There are qualifications for grants and they have to be met.
“They are not just handed out to anyone who stretches out their hands. You must have a plan, demonstrable and genuine scientific efforts, intentions and above all you have to apply for them.”
Research proposals, according Okoroafor, will have to be verified and authenticated by relevant agencies of the government such as the Nigerian Institute of Pharmaceutical Research and Development and the National Agency for Food and Drug Administration and Control.
However, he warned that the CBN would not encourage disregard for procedures, adding that the grant was not for all-comers.
He explained that due process would be followed in disbursing the grant, and that “those who are interested to follow due process” should apply.