The Central Bank of Nigeria on Wednesday announced a N1.1tn
intervention fund to support critical sectors of the economy.
The CBN Governor, Mr Godwin Emefiele said this in a
statement made available to journalists.
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The governor in the statement said the out of the N1.1tn,
about N1tn would be used to support the local manufacturing sector as well as
boost import substitution.
He added 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.
He said given the continuing impact of the disease on global
supply chains, the CBN will increase its intervention in boosting the economy.
He said, “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 management of the CBN will meet with the Bankers
Committee this Saturday at 10.00 am to work out the modalities for the
intervention.
The N1.1tn intervention is coming about three days when the
apex bank announced a N50bn facility for Small and Medium Enterprises sector of
the economy