Two days after it unveiled a six-point palliative to ameliorate the continued impact of the Corona virus on the Nigerian economy CBN to inject N1tn stimulus on economy
COVID-19: CBN to inject N1tn stimulus on economy
From Atiku Sarki, Abuja
Two days after it unveiled a six-point palliative to ameliorate the continued impact of the Corona virus on the Nigerian economy and supply chains round the globe, the Central Bank of Nigeria (CBN) has announced its decision to increase its intervention in boosting local manufacturing and import substitution by another N1trillion across all critical sectors of the economy.
The CBN Governor, Mr. Godwin Emefiele stated this in Abuja recently, disclosing that the management of the CBN will meet with the Bankers’ Committee to work out the modalities.
In addition to the N50billion soft loans to small businesses, Emefiele said the CBN would also increase its intervention by another N100billion in loan in 2020, to support the health authorities to ensure laboratories, researchers and innovators work with global scientists to patent and or produce vaccines and test kits In Nigeria to prepare for any major crises ahead.
According to him, the Bank will release details of how the unveiled facilities would be accessed and released, adding that the CBN has also set-up the Financial Markets Situation Room to monitor global markets and advise the Bank on adequate response.
Meanwhile, 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.