NSIA stabilizes economy with $150m supply of vital medical equipments

As Nigeria’s economy continues to heal from the wounds inflicted by the Covid-19 pandemic, some policies introduced have helped improve key sectors of the economy, one of which is the intervention by the Nigeria Sovereign Investment Authority (NSIA).

Aside from the quick release last year of US$150 million from the Stabilisation Fund to support the federal government’s economic uplift recently supplied vital equipment to the most affected federal teaching hospitals across the six geopolitical zones in the country.

In her speech recently at the virtual handover ceremony, Mrs Zainab Ahmed, Honourable Minister of Finance, Budget and National Planning said, “These equipment will help in improving the fighting odds of infected citizens and offer succour to many families affected by it. As we entrust them in the hands of the recipient chief medical directors (CMDs), we charge you to do what you do best – save lives.”

In her words: “I am pleased that the NSIA is stepping up their involvement. Last year, they were quick to release US$150 million from the Stabilisation Fund to support the government’s efforts to stabilise the economy. They also partnered with Global Citizen to set up the Nigeria Solidarity Support Fund to enable the creation of a stronger, more resilient, more inclusive political economy and healthcare system.”

Ahmed noted that as COVID-19 continues to spread globally, the future has never felt so unpredictable. She stated that on the one hand, the onset of the pandemic, and more recently the second wave, has opened new opportunities in the technology and services space. “It has set up some innovative industries for success and key sectors of the economy for rapid growth. On the other, it has constrained some sectors and brought untold hardship resulting in mass layoffs.

“Sadly, it has also resulted in the loss of precious lives in almost all states of the federation. We identify and empathise with those who lost loved ones and with those presently ravaged by the disease either physically or economically.

Stating further, she said: “Rest assured that President Muhammadu Buhari and all members of the cabinet are doing everything possible to sustain the economy and engender a swift return to normalcy. While there is a lot of uncertainty, we know that we need to adapt fast to our changing reality. Now, more than ever, our country needs all of us to step up and put in the resources to drive change.”

Before the public, the Honourable Minister noted some of the steps that the government has taken to manage the pandemic situation in the country.

“Under Mr President’s guidance, we have introduced several initiatives since the mid-last year when the virus arrived our shores. In the main, we introduced a COVID-19 Crisis Intervention Fund which included: Establishment of N500 billion COVID-19 Crisis Intervention Fund to upgrade healthcare facilities and fund Special Public Works Programme to generate employment; outlining a framework for the collection, management and reporting of donations into the Fund; setting up of COVID-19 Donor Accounts, which formed part of the existing treasury single account (TSA) arrangement through Zenith Bank, Access Bank, Guaranty Trust Bank, UBA and First Bank. These had been used to offer relief to Nigerians during the initial lockdown,” she said.

According to Mr Uche Orji, Managing Director and Chief Executive Officer (MD/CEO) of NSIA, “the virtual event was to formally handover equipment to 21 tertiary medical institutions across the country as part of the Authority’s COVID-19 relief programme. The items constitute a commitment of resources which NSIA expects will be crucial for the long-term sustainability of domestic healthcare centres and their treatments programs.”

“NSIA recognises the fact that many of these centres struggled with patient care at the height of the COVID-19 pandemic and with the surge being experienced under the second wave, they may struggle even more.

“Even though it had been established that the number of ventilators in the country was inadequate to meet the domestic requirement, an even more daunting the challenge was experienced concerning the Intensive Care Unit (ICU) and regular monitors as well as oxygen concentrators which are all required to treat early stages of many respiratory ailments and thereby give patients a fighting chance. NSIA aims to bridge this gap through this gesture,” he said.