Given the continuous impact of the Coronavirus pandemic on global supply chains, the Central Bank of Nigeria, CBN, is to increase its intervention in local manufacturing and import substitution by N1 trillion.
The second CBN stimulus package was announced in Abuja, the nation’s capital as part of the bank’s response to the Coronavirus pandemic in Nigeria.
Apart from the N1 trillion intervention, the CBN in addition to the N50 billion soft loan to small businesses announced on Monday, had increased its intervention by another N100 billion in loan to support health authorities to ensure laboratories, researchers, and innovators work with global scientists to patent or produce vaccines and test kits in Nigeria to prepare for any major crises ahead.
The CBN also reiterated its call for support to pharmacetical and healthcare industries and gave a directive to all deposit money banks to increase funding for research and development, trainning and laboratory testing.
The details of how these facilities can be accessed will be released from Saturday when the CBN meets with the Bankers Committee in Lagos.
An implementation committee that will follow up on action for the private sector contribution of N1.5 trillion infrastructure funding that will link farming communities to markets as agreed at the “Going for Growth Roundtable” event organised recently will be set up next week.
A financial market situation room to monitor global markets and advise government on adequate response has also been set up by the apex bank.
