Coronavirus: CBN Announces N1.1tn Intervention Fund

The Central Bank of Nigeria has said it would make available a N1.1tn intervention fund to support critical sectors of the economy in the wake of the coronavirus pandemic.

The Governor of the bank, Mr. Godwin Emefiele made this known in a statement made available to journalists on Wednesday.

According to him, out of the N1.1tn, about N1tn would be used to support the local manufacturing sector as well as boost import substitution.

The statement quoted the apex bank boss 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.

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

Emefiele noted that given the continuing impact of the disease on global supply chains, the CBN would increase its intervention in boosting the economy.

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“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 CBN Governor said the management of the bank would meet with the Bankers Committee on Saturday at 10.00 am to work out the modalities for the intervention.