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Marketers Will Pay Naira for Dangote Fuel -IPMAN

Aliko Dangote Refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters, oil marketers clarified on Monday. Dealers in the downstream oil sector also stated that the registration process for marketers at the refinery was still ongoing, as many operators had continued to register with the plant. It was further gathered that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority were meeting with the management of the refinery to perfect the pricing template for products produced by the facility. On January 12, 2023, the Dangote Petroleum Refinery announced the commencement of production of Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel. The President, Dangote Group, Aliko Dangote, had in a statement issued by the firm, said, “We have started the production of diesel and aviation fuel, and the products will be in the market within this mon...
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COVID-19: CBN introduces healthcare intervention scheme






THE Central Bank of Nigeria (CBN) has introduced the Healthcare Care Sector Research and Development Intervention Scheme (HSRDIS), as part of its policy response to the COVID-19 pandemic.




The information is contained in the apex bank’s official website, www.cbn.gov.ng.

The bank stated that the intervention was to help strengthen public healthcare systems with innovative financing of research and development in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria.

It said: “Specifically, HSRDIS is designed to trigger intense national research and development activities to develop a Nigerian vaccine, drugs and herbal medicines/medical devices against the spread of COVID-19 and any other communicable or non-communicable diseases.

“This will be done through the provision of grants to biotechnological and pharmaceutical companies, institutions, researchers and research institutes.



“The grants will support research and development of drugs, herbal medicines/medical devices and vaccines for the control, prevention and treatment of infectious diseases.”

It added that the scheme was designed to boost domestication of critical drugs and vaccines to ensure their sustainable domestic supply and reduce their bulk manufacturing cost in Nigeria.

According to CBN, the overall objective is to reduce Nigeria’s dependence on other countries for those critical drugs and vaccines.

It stated that the scheme would be funded from the development component of CBN’s Micro, Small and Medium Enterprise Development Fund (MSMEDF).

The scheme provided for a maximum of N50 million grant earmarked for research activities and a maximum of N500 million grant for development and manufacturing.

“Disbursement under the scheme shall be made to beneficiaries in tranches subject to approved milestones achieved.

“A Body of Experts (BoE) shall be responsible for the review and evaluation of submitted research proposals,” it added.

The broad objectives of the scheme include: providing grants for R&D in new or revalidation of the drug molecule, phytomedicines and vaccines for the control, prevention and treatment of infectious diseases.

Others are to boost domestic manufacturing of validated drugs (Active Pharmaceutical Ingredients or APIs), herbal medicines and vaccines for the control, prevention and treatment of infectious diseases in Nigeria.

Others include reducing the nation’s dependence on other countries for these drugs and vaccines; improving the capacity of the biotechnological and pharmaceutical companies, institutions, researchers, and research institutes in the development of approved Nigerian drugs, herbal medicines and vaccines for infectious diseases; among others.
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