CORONAVIRUS: CBN announces N1.1tn intervention fund

The Central Bank of Nigeria has announced a 1.1 trillion Naira intervention fund to support critical sectors of the economy. The CBN Governor, Mr. Godwin Emefiele disclosed this in a statement made available to journalists on Wednesday.

The CBN governor said the out of the N1.1tn, about N1tn would be used to support the local manufacturing sector as well as boost import substitution. Stating 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 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.”