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Wednesday, March 18, 2020

Covid’19: CBN votes N1.1trn for critical sectors - ITREALMS

THE Central Bank of Nigeria (CBN) has voted the sum of N1.1 trillion intervention fund to support critical sectors of the economy, over the Coronavirus (Covid’19), reports ITREALMS.

The CBN Governor, Godwin Emefiele made this known to 
ITREALMS said that out of the N1.1tn, about N1tn would be used to support the local manufacturing sector as well as boost import substitution.

Also in a press statement available to 
ITREALMS, the governor was quoted as saying 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.

Emefiele noted that has become imperative following the Coronavirus pandemic, stressing 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 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 an N50bn facility for the Small and Medium Enterprises sector of the economy.

Chuks Egbune/DoP

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