CBN to Scale up Economic Support with Extra N1.1tn
The Central Bank of Nigeria (CBN) Wednesday announced its decision to increase its intervention to boost local manufacturing and import substitution with the injection of an additional N1 trillion across all critical sectors of the economy.
The move, which is in line with the banking sector regulator’s efforts to cushion the impact of COVID-19 on the Nigerian economy, came two days after it unveiled a six-point palliative to ameliorate the continued impact of the global pandemic on the country.
The CBN Governor, Mr. Godwin Emefiele, said in Abuja that the central bank would meet with the Bankers’ Committee on Saturday to work out the modalities of channeling the funds as well as to ensure easy access by local manufacturers.
Additionally, Emefiele announced a fresh N100 billion loan 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.
Emefiele said an implementation committee to drive 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,’ economic roundtable held in Abuja, last week, would be set up next week.
He said: “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 Research & Department (R&D).