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Coronavirus: CBN releases 1.1trn intervention fund to boost economy

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Coronavirus: CBN releases 1.1trn intervention fund to boost economy

Godwin Emefiele

Against the backdrop of the ongoing global coronavirus spread, the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, on Wednesday announced a N1.1tn intervention fund to support critical sectors of the economy.

He stated this in a statement noting that out of the N1.1tn, about N1tn would be used to support the local manufacturing sector as well as boost import substitution.

He added that the balance of N100bn would be used to support the health authorities to ensure laboratories, researchers and innovators work with global scientists to patent and produce vaccines and test kits in Nigeria.

This, he said, was imperative following the Coronavirus pandemic, adding that the N100bn would enable the country prepare for any major crises ahead.

He said given the continuing impact of the disease on global supply chains, the CBN will increase its intervention in boosting the economy.

He said, “First the CBN is directing all Deposit Money Banks to increase their support to the pharmaceutical and healthcare industries.

“In local drug manufacturing, in increased bed count in hospitals across Nigeria, in funding intensive care as well as in training, laboratory testing, equipment and R&D.

“In addition to the N50bn soft loans to small businesses already announced, the CBN will increase its intervention by another N100bn in loans this year to support health authorities.

“Secondly, given the continuing impact of the disease on global supply chains, the CBN will increase its intervention in boosting local manufacturing and import substitution by another N1tn across all critical sectors of the economy.”

He said the management of the CBN will meet with the Bankers Committee this Saturday at 10.00 am to work out the modalities for the intervention.

The N1.1tn intervention is coming about three days when the apex bank announced a N50bn facility for Small and Medium Enterprises sector of the economy

 

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