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Coronavirus: Nigeria’s Apex Bank Announces N1.1tn Intervention Fund

Emefiele

The Central Bank of Nigeria (CBN) has announced a N1.1tn intervention fund to support critical sectors of the country’s economy.

The CBN Governor, Mr Godwin Emefiele said this in a statement on Wednesday.

Mr. Emefiele said about N1tn would be used to support the local manufacturing sector as well as boost import substitution.

While 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.

According to him, the intervention became imperative following the Coronavirus pandemic, saying that the N100bn would enable the country prepare for any major crises ahead.

The CBN governor added that 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 comes three days after the apex bank announced a N50bn facility for Small and Medium Enterprises sector of the economy.

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