The Central Bank of Nigeria on Wednesday announced a N1.1trillion intervention fund to support critical sectors of the economy.
The CBN Governor, Godwin Emefiele, who disclosed this in a statement in Abuja, said about N1trillion would be used to support the local manufacturing sector and boost import substitution.
According to him, the balance of N100billion will 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.
“Following the Coronavirus pandemic, the N100billion will enable the country prepare for any major crises ahead,” Emefiele said.
He said given the continuing impact of the disease on global supply chains, the CBN would increase its intervention in boosting the economy.
He added: “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 N50billion soft loans to small businesses already announced, the CBN will increase its intervention by another N100billion 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 apex bank would meet with the Bankers Committee on Saturday to work out the modalities for the intervention.
Join the conversation
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...
INVESTIGATION…PARKVIEW ESTATE: Exclusive images of how billionaire property developer incurred Lagos govt‘s anger
Many have seen the demolished building, but not many know the circumstances that led to the teardown of the about...
INVESTIGATION… N.3bn down the drain, as Enugu communities suffer from dry taps
In November 2020, three organizations and the Enugu State government celebrated the completion of N300 million worth of projects that were expected...
INVESTIGATION… How herdsmen crisis compounds woes of already deprived Ogun communities
Earlier in January, the Nigerian media space was awash with reports of violence between herders and farmers across the country....