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CBN to inject N1trn into Nigerian economy over COVID-19

Anthony Iwuoma

Again the Central Bank of Nigeria (CBN) on Wednesday announced plans to increase its intervention in all critical sectors of the economy by another N1 trillion in response to the adverse effects of coronavirus, otherwise known as covid-19.

This is coming barely two days after the CBN announced a six-point palliative to reduce the increasing impact of the coronavirus on the Nigerian economy and supply chains around the world.

Apart from creating more jobs, Godwin Emefiele, the CBN governor, explained that the intervention is meant to stimulate local production and import substitution in the economy so that the people would be relieved of the impact of the deadly virus.

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This is besides about N100 billion in loan in this year alone to assist the health sector and make certain that laboratories, researchers and innovators collaborate with global scientists to patent and or produce vaccines and test kits in Nigeria to prepare for any major crises ahead.

The CBN boss said the apex bank and  the Bankers’ Committee  would on Saturday, March 21, 2020, be meeting  to decide modalities for the intervention.

He added that in line with agreement reached  at the recently concluded “Going for Growth” discussion last week, an implementation committee would be set up next week to mobilise the private sector’s contribution of N1.5 trillion infrastructure funding, linking farming communities to markets as agreed.