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Coronavirus: CBN to inject 1 trillion into Nigeria’s economy

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The Central Bank of Nigeria (CBN) has announced its decision to increase its intervention in boosting local manufacturing and import substitution by another N1 Trillion across all critical sectors of the economy.

This is in addition to N100 billion in loan in 2020, to support the health authorities to ensure laboratories, researchers and innovators work with global scientists to patent or produce vaccines and test kits In Nigeria to prepare for any major crises ahead

This is coming two days after it unveiled a six-point palliative to ameliorate the continued impact of the coronavirus on the Nigerian economy and supply chains around the globe, the Central

The CBN Governor, Mr. Godwin Emefiele, who stated this in Abuja on Wednesday, March 18, 2020, said the bank management will meet with the Bankers’ Committee on Saturday, to work out modalities.

Given the plunge in the price of oil, which dropped to $25 per barrel on Wednesday with its attendant low accretion to oil revenue, the CBN Governor directed all Deposit Money Banks to increase their support to the pharmaceutical and healthcare industries to enhance local drug manufacturing, increased bed count in hospitals across Nigeria, fund intensive care.

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According to him, the Bank will release details of how the unveiled facilities would be accessed and released, adding that the CBN had also set-up the Financial Markets Situation Room to monitor global markets and advise the Bank on adequate response.

Also, Mr. Emefiele has advised all Deposit Money Banks and other regulated entities in the banking industry to trigger their business continuity plans to ensure that their staff and families are protected, and their operations remain largely undisrupted.

He further advised the banks to adhere strictly to the directives, advice, and notices from the Federal Ministry of Health, National Centre for Disease Control and other relevant government agencies on national response measures to COVID-19.

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