OYOGist.com reports that the Central Bank of Nigeria (CBN) has set aside a one trillion naira intervention fund to stimulate the economy as the global coronavirus pandemic plummets both the global and Nigerian economy.
The CBN announced this intervention fund on Wednesday 18th March 2020 in a statement that was released online. The CBN announced the fund as an effort to shore up the economy and support affected families, companies and small businesses.
Among the sectors of the economy that the CBN aims to support with the fund are the health sectors, oil and gas companies who have been adversely affected by the drop in the price of crude oil, hotels and hospitality industry and airlines that have seen a drastic drop in demand due to the travel restrictions.
Read the statement below
“CBN to Inject additional N1 Trillion Stimulus in Economy:
“Emefiele, Bank Chiefs meet on March 21, 2020 to strategize on Stimulus Plan.
“CBN to boost health sector with additional N100b loan.
“Implementation Committee to handle N1.5trillion private sector contribution of Infrastructure funding that will link farming communities to markets underway.
“Emefiele directs Deposit Money Banks to increase their support to the pharmaceutical and healthcare industries.
“Emefiele advises all DMBs, other regulated entities in the banking industry to trigger their business continuity plans to ensure that their operations remain largely undisrupted.
“CBN urges banks to sanitize their premises and discourage large gatherings of staff and customers.
“CBN restates commitment to protecting Nigerians and the economy. Emefiele urges Nigerians to take advantage of turning the seeming adversity of COVID-19 into an opportunity.”