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.
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 and or produce vaccines and test kits In Nigeria to prepare for any major crises ahead
The CBN Governor, Mr. Godwin Emefiele, stated this in Abuja on Wednesday, disclosing that the management of the apex bank would meet with the Bankers’ Committee on Saturday, March 21, 2020, to work out the modalities.
Mr. Emefiele also told newsmen that an implementation committee that will act on the private sector contribution of N1.5 trillion infrastructure funding that will link farming communities to markets as agreed at the recently concluded “Going for Growth” Roundtable last week will be set-up next week.
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, in funding intensive care as well as in training, laboratory testing, equipment and Research & Development.
In addition to the N50 billion soft loans to small businesses announced on Monday, March 16, 2020, Emefiele said the CBN would also increase its intervention by another N100 billion 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 had also set-up the Financial Markets Situation Room to monitor global markets and advise the Bank on adequate response.
