CBN Releases Extra N1.1trillion For COVID-19

The Central Bank of Nigeria (CBN) has announced a fresh N1 trillion intervention in all critical sectors of the economy due to the spread of COVID -19.

Naija News understands that the CBN Governor Godwin Emefiele, who made this known in a statement after the country recorded another five extra cases of the deadly diseases.

In the statement, Emefiele explained that out of the N1.1trillion, about N1trillion would be used to support the local manufacturing sector as well as boost import substitution.

He added that the balance of N100 billion 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 to 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 apex bank will meet with the Bankers Committee this Saturday at 10.00 am to work out the modalities for the intervention.